Eh, the stock market was _always_ out of touch with reality. It's just that the rapid acceleration of income inequality (and thus, capital inequality) as made t

Eh, the stock market was _always_ out of touch with reality. It's just that the rapid acceleration of income inequality (and thus, capital inequality) as made that way more visible than it used to be. This is because the stock market has always been a measure of "how well are corporations doing?", _not_ a measure of "how well is the average individual doing?" When economies shift harder to benefiting corporations in a way that disproportionately benefits those at the very top of the corporation and aggressively shrinks the benefits to those lower down in the corporation, the question of "how well are corporations doing?" has less and less to do with the question of "how well is the average individual doing?", except _maybe_ to have a negative correlation (although even when corporations aren't doing well, the average individual still sometimes gets screwed, like in the bank bailouts of 2008, or the PPP loans during COVID -- the whole "privatize the profits, socialize the losses" game that is now a core part of US corporate economic strategy).