Wall Street doesn’t give a shit

The pandemic is raging, the economy is contracting, the suicide rate is rising, a major party is splitting. Naturally, the stock market keeps closing at record highs.

Not only are equity prices exorbitant, but the valuations (relative to GDP, relative to profit levels, relative to corporate net worth) are higher than at any other point in history.

The Capitol has been breached, but capital is doing just fine, thank you.