– Bank Of America Begins 66-Day Countdown Until The “Ghost Of 1937” Returns (ZeroHedge, June 16, 2015):
The last time the Fed tried to exit a period of massive balance sheet expansion coupled with ZIRP – back in 1937 – its strategy completely failed. The Fed tightening in H1’37 was followed in H2’37 by a severe recession and a 49% collapse in the Dow Jones. This is the ghost of 1937 and it is about to make a repeat appearance.
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