In actuality, the greatest beneficiary of ultraeasy monetary policies, which have been the central aspect of the recovery, has been the stock market. In the second quarter, equities surpassed real estate as the biggest source of households’ wealth for the first time since the dot-com boom late in the last century, according to Fed data parsed by Steve Blitz, TS Lombard’s chief US economist. That’s a reversal from the last decade during the housing bubble and during the 1970s, ’80s, and ’90s, when the notion that home prices only went up became seared into America’s consciousness.
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