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How do you write all that off and say it's irrelevant? That's a stretch of the imagination

Check the chart for the DOW from 1939 to 1945.

Can’t write it all off. However, none of the recent recessions started without a spike in oil prices. I am not beyond saying it is different this time.

In fact the metric that gives me the most pause it that it takes over 3 dollars of additional debt to add 1 dollar to GDP. If this debt were building new awesome things like nuke plants, sewer systems and massive lakes and flood control systems that would an investment. More bombs and last years bombers - not so much.

So, yes things are not perfect, but the inputs remain.

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