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2012-11-02

When markets drive the economy, cash flow is king - FT.com

There was a time, not that long ago, when it was the economy that drove asset prices such as equity and real estate valuations.

Today, the causation is viewed, even in policy circles, as running in the opposite direction. It is asset prices that now drive the economy.

When markets drive the economy, cash flow is king - FT.com

A stock market bubble exists when the value of stocks has more impact on the economy than the economy has on the value of stocks.

John H. Makin
AEI, Economic Outlook, November, 2000-11-09 

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