The Dow Industrial Average has climbed above 20,000 to a new all-time high.
A year ago, Austrian-lites expected the Federal Reserve to reverse its December 2015 interest rate hike, and possibly take rates negative, because the Fed "had run out of power."
Since December 2015, the stock market has continued to climb, housing prices have continued to climb and unemployment has continued to fall.
This is not what a recession looks like.
Austrian-lites fail to understand that the Fed manipulated business cycle is a boom and bust cycle.
-RW
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