Depression wealth destruction pattern: equity declines ~50%, income falls, taxes rise. This is the deflationary depression asset return profile. Equities are the most damaged asset class; the velocity of loss is the main risk (forced deleveraging).
Depression wealth destruction pattern: equity declines ~50%, income falls, taxes rise. This is the deflationary depression asset return profile. Equities are the most damaged asset class; the velocity of loss is the main risk (forced deleveraging).