It is problematic comparing stock market ratios of today …
to the infamous dot.com bubble of 1995 to 2004.
Why? The Federal Reserve wasn’t pumping trillions into the market.
Look at the red line (Fed Funds Target Rate from 6.5% in 2000 to 0.25% today and the orange line (the massive growth of The Federal Reserve Balance Sheet).
Can The Fed endlessly print money without consequence? Of course not. We are ka-screwed.
Is Fed Chair Jerome Powell really Vanilla Ice?