The politics of a bear market
The politics of a bear market Welcome to a bear market. Monday’s stock market sell-off means that the S&P 500 is down more than 20 percent from its record high in January. Plunging stock prices also mean that all the gains made since Joe Biden entered the White House have been wiped out. Away from the equities hit, one can see fair-weather luxuries fall by the wayside. Cryptocurrencies continue to plummet in value while the vogue for ESG investing is losing its luster, with regulators paying closer attention and investors unhappy with performance. The road ahead looks really rather bumpy. Among economists the debate is over whether we are due for more inflation, a recession, or both. Cheery stuff!