The Six Stages of a Business Cycle

A lot of people refer to the pure number of dollars that the Fed and the fiscal side pumped into the system, but it was more than that. You would not have as much stimulus going to the economy as quickly as we saw had you not had the internet or just in general kind of other forms of accessing taxpayers by sending them money. Velocity definitely takes into a very big part into it. But the key point though is when you look at all these cycles from a thousand foot view, they still rhyme. They're still rhythm and they're still process.

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