" You won't find a multi-decade channel like this in many other places." I see this graph in a number of places, I think it's something 'talked about'. The is

" You won't find a multi-decade channel like this in many other places." I see this graph in a number of places, I think it's something 'talked about'. The issue, I believe, is fundamentally demographics combined with decreasing marginal returns to tech and progress. 1970's was when the baby boomers were entering the workplace, and there were a lot of them, now, not so much. For decades after WW2 American industry was 'ahead' of the factories in Europe and Japan which were bombed into nothing. So there was a natural slowdown in growth afterwards. Then every loosening monetary policy with a big bump in 2008 and an even bigger bump in 2021 and you have what you have. "ever-lower long-term yields have played a major role in the housing market bubble that ended in 2008" I think it's better to say they are an indicator of something material, but 'lower bond yields' are not the 'driver of housing inflation'. That said, I agree with a lot of the things said in the article.