‘The Moment Is Upon Us’

"It feels like that moment is upon us," Morgan Stanley's Mike Wilson wrote earlier this week. He could've been talking about a lot of things. For example, he might've been referring to the "moment" the US financial sector plunges into a second crisis in the space of 15 years. And he was talking about that, albeit in an indirect way. Last month, Wilson channeled Jon Krakauer in warning that equities were surviving in the "death zone" (where that meant a very low ERP) thanks to "supplemental oxy