NASDAQ 100 was recently up nearly 220%

 NASDAQ 100 was recently up nearly 220% in inflation-adjusted terms since the pre-crisis peak in 2007 compared to a mere 2.2% gain in industrial production over the same 11 year period.

We are talking apples-to-apples here: Constant dollar stock prices versus real physical output; and also from the prior peak, not the March 2009 stock market bottom.

David Stockman 22 October 2018