Three years ago this past weekend, markets were reeling from a particularly bad week. The S&P 500 had lost almost 17% of its value, the Dow Jones Industrial Average had suffered its worst one-day drop on record, and bitcoin had plummeted over 50% to just below $4,000 before recovering slightly.
That week made history on so many levels. It also unleashed a wave of armchair virologists on Twitter to keep us up to date with every minutia of the COVID threat. We didn’t know it then but that wave set us up for what we’re living through today. Superficial social media analysis aside, the events of three years ago also set us up for what we’re going through today on a more serious level. The liquidity that the Fed would inject into the economy in 2020-2021 created an easy money environment that pushed up asset values, flooded startups with eager venture capital funding and loaded bank balance sheets with low-yielding government bonds as well as some riskier securities.
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