MarketWatch correctly notes:
A bull market that has been derided as fake, doomed and history’s most-hated just earned a new title: the second-longest ever.
Dodging and weaving through three 10 percent drops in the last 19 months while avoiding the 20 percent decline that denotes a bear market, the advance that began seven weeks after Barack Obama’s first inauguration in January 2009 has now lasted 2,607 days. That matches a rally from 1949 to 1956 which straddled the presidencies of Harry Truman and Dwight D. Eisenhower. Only the dot-com bubble of the 1990s lasted longer at 3,452 days.
The idea held by many, including Krugman-Keynesians and Austrian-lites, that the Fed can no longer creates the boom side of the boom-bust Fed created business cycle, is simply absurd.
And as far as the Austrian-lites go, reflects a complete failure to understand what the business cycle is in the first place.