One common theme for the past eight years was the fact that the stock market has risen faster than corporate profits, mainly because it's 100% pure Ponzi, accept no substitutes. This "condition" has led to a steadily declining earnings yield (E/P), which means that gamblers are assuming three things:
Herein lies the problem: Generation Madoff has been outsourcing the 'Conomy for eight years straight to pay for *special dividends* - Burning down the house to keep their hands warm in the meantime. So, the likelihood of a hard landing has been assured by the same sociopaths who can't see it coming.
Contrary to ubiquitous belief, the fate of the Casino and the 'Conomy are one and the same. It's only a question of how many people don't see it coming...
On a related note, I read something disturbing recently which claimed that the Millenials are a "disturbing" generation, because they do not exhibit any of the sociopathic tendencies of their exceptional forebears. At least this is according to the generation(s) that threw their own kids under the bus and then blamed them for all of the problems. In other words, compared to generation creep show, Millenials do not exhibit the same affinity for Supply Side indentured servitude, Ponzi borrowing, and printing money. Hence they are not exceptional.
In the meantime, prepare for hard landing.