Bear Echoes
"2023 is in no way comparable to 2008."
How many times have you heard that over the past two months? Plenty, I'm sure. It's an accurate assessment, but it's wholly unhelpful. Like, "The COVID-19 pandemic is in no way comparable to the Black Plague."
2008 is a very high bar when it comes to market-related catastrophes. As SocGen's Albert Edwards put it this week, "If a 1930s-style Great Depression being narrowly averted is your baseline, of course things are likely to be better."
Beyond that,
Seems like the debt ceiling showdown has the potential to squeeze that chart by a few months if we are headed toward a similar trajectory.