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Who Let the Bears Out?

The end of easy money means a market correction of significant proportions.

New skyscrapers tend to correlate with market peaks. Construction of the Empire State and Chrysler buildings marked a top in equities back in the 1920s, just as the completion of the World Trade Center pegged the top in the 1970s, as behavioral economist Peter Atwater recently pointed out to me. So will the current proliferation of luxury skyscrapers correspond to the end of a multiyear bull market in the U.S.? Quite possibly, yes. In the short run, that could complicate the lives of average investors, but at root it really shows how scrambled the world of international finance has become.

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