Last time this happened in US history was in 1929, stocks went down (from peak to trough) by 90%.
There won’t be a bull run, the money supply growth rate is negative right now https://fred.stlouisfed.org/series/M2SL Where did that liquidity go to? Yes equities, real estate, bonds and consumer goods all around the world. What happens if the liquidity that got borrowed and is collaterized by bonds, real estate and equities gets less? Yes prices …