The rationale I have for explaining situations where it doesn't feel like prices are being dictated by the relative levels of supply and demand is that there is

The rationale I have for explaining situations where it doesn't feel like prices are being dictated by the relative levels of supply and demand is that there is latency involved in reaching equilibrium. The time it takes for prices to reflect reality can take far far longer, in some cases, than anyone is comfortable accepting. There is no fundamental law that says things need to happen at the speed of convenience. Certainly over the course of human history some sociopolitical or economic arcs took multiple human lifetimes to play themselves out.