The first chart represents the three bubbles that have been created since the repeal of Glass-Steagall.
The Federal Reserve has been a key actor in all three, both as monetary authority and as key banking regulator and policy influencer. The government certainly plays a central role as well. But at the heart of it are the Banks.
Three strikes and you're out.
Stocks were in rally mode on the 'better than expected' economic news, and the forgetfulness of the markets with regard to anything older than this morning.
Have a pleasant evening.
