Fires are always burning. Always. Even the naively referenced “great moderation” (1985-2007) was defined by a number of major market corrections and crashes (24% on October 19, 1987 alone), currency debacles, business failures, not to mention wars and terrorist attacks that invariably spook the commercial sector.
What rates stress is that the fires are a sign of progress. Capitalism is the personification of messy, at which point it shouldn’t surprise any serious reader that in the most dynamically capitalist country on earth there would be routine scenarios that elicit fear in the marketplace. The fear personifies progress precisely because it signals the migration of precious resources into the hands of better stewards.
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