I think that the market is ultimately driven by real forces, ... Once you get a decline started, it's not clear whether people use that as a reason to sell or buy.
...most of the gains in the level and the growth rate of productivity in the United States since 1995 appear to be structural, largely driven by advances in technology and its application -- irreversible in the sense that knowledge once gained is almost never lost,
A significant amount of consumption is driven by capital gains on some combination of both stocks and residences,
The determination of global economic activity in recent years has been influenced importantly by capital gains on various types of assets, and the liabilities that finance them. Our forecasts and hence policy are becoming increasingly driven by asset price changes.