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The law against recessions, passed in 1978 (and called Humphrey-Hawkins), was not enforced right away because consumer price inflation took off in the late 1970's - so high interest rates and a recession happened in the late 1970's/early 1980's to drive that inflation back out of the system.  After that, things settled back down again, but once the stock market crash of 1987 hit, the authorities were determined to keep things going, and they did. 

The politicians who passed the law against recessions actually set the law to expire in the year 2000, but when that time came, the authorities in the system at that time decided that they liked the results of the law against recessions so much that they decided to just continue to enforce it, pretending that the law was still in place - and that is what they have done, and that is why the Fed was fighting the consequences of the in-the-meantime-completed stock market exponential so much in 2001. 

Because the stock market did go exponential in the late 1990's, there was so much momentum of perception at the time (not actual real momentum in the economy - the Kondratieff wave makes clear why that happened, and why high real economic momentum could not happen anymore) that people kept right on spending, and so the economy blew right through the stock market downturn of the early 2000's without declining much and then kept right on going once the stock market came back up. 

And that new rise in the stock market was perceived as a new bull market, even though it wasn't, in part because people were hoping so much that it was a new bull market and it did, in fact, come back up a lot.  But it was a bear market bounce - and so is the up-move that has been underway since early March 2009.  Actually, it is historically true that the first bear market bounce of a new bear market, a bear market bounce which is always a big one, is misperceived as a continuation of the previous bull market by most people - but this time, that was particularly true because the previous bull market had become so very big and so, as a result, the first big bear market bounce that came after was particularly big, as well.  And that perception was helped along by the fact that the bear market bounce did go to new all-time highs in the end, briefly - but that happened just simply because it was a particular kind of bear market correction that does go to new highs briefly in the end (thus fooling the maximum number of people), which in this case was new all-time highs, thus truly fooling the maximum number of people. 

But it was a bear market bounce, it had the characteristics of one along the way (just because a market goes up a lot does not mean that the move is a new bull market), and in fact, it was proven to be a bear market bounce when it was more than completely retraced, and then some, to the downside in early 2009 (in other words, the market went down below the previous bear market low, in this case of the early 2000's, and then kept right on going). 

It was only when the economic developments happened that went along with that big stock market downturn in late 2008/early 2009 that most people began to realize that something was wrong and reacted accordingly - but that is, actually, only the first of much more to come.  However, I knew that in light of developments along the way over the last 20 years or so that were perceived as positive, people would not be willing to listen to someone talking about that until the first big downturn had been etched thoroughly into their memory.  It is because that has happened in the meantime that I decided to put my website together - in the hope that now that people have become aware that a big downturn is possible, some people might be willing to listen to the context, the bigger picture, of it so that they can find out what they are up against in the future and might be willing to do something, in the context of that, to protect themselves, rather than just going down financially, like most other people will do.