We had an inverted yield curve pre-COVID. We had the sickly adjusted Pee-e multiples of price to earnings ratios where it record highs that we haven't seen since the depression. Stock buybacks are incredibly distorted because companies use debt to buy back their own shares, which limits the size of the share pool and boosts artificially their earnings per share data. The Fed was losing control of liquidity in the money markets and the repo markets.

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