The only question is how soon and will there be a blow-off top like '29. Very few people actually had the money to play the market in the late 20s having already exhausted their resources due to poor economic conditions.
The evidence is:
yield curve inversion
borrowing to buy your own stock (a rise in interest rates blows the trade up)
the slot machine of risk assets is closing its spins into a combination that will pull the rug out from underneath. This is going to be sad.
Tobacco industry did well in the depression as most times bad economic situations create needs for "get me away from this" substances (alcohol, too). So, I think maybe the pot stock bulls may be right, this time. Would make sense. One of the very few growth areas. I am just sorry that my own ignorant state (NC) has pols that can't see the handwriting on the wall and get on board while still in the innovation stage.
Hoping for one last hurrah but, who knows. We appear to be doomed. The Boomers were right to spend and not save as they knew they would lose all of their wealth in the end, anyway. The biggest losers appear to me to be the state and local public employees who believe their pensions are "safe." Social Security should be safe since they are Federal obligations paid from the US Treasury which can borrow newly printed money without much restriction. Housing (very difficult to unload) is loaded with speculative money that will sell at any price when motivated so the crash there should be spectacular.
Psychics have, for decades, talked about "The Wall" being built with trepidation. There was a prophecy that the current Pope would be the last. There was talk of "the nuclear accident" driving everyone inside (Japan?). On and on.
Dewey, at the Foundation for the Study of Cycles, said that countries stay in upward trend for 500 years. That might mean that the Asians are not going to be the Prime Time Players for quite awhile yet and therefore there could be fortunes lost on those "sure thing" bets over there. (Think 1776 + 500 years).
Humans are, if nothing else, adaptable. So, perhaps, we can muddle through. It is God's Will.
It looks to me like the young and the old will join forces to make the coming changes certain.
Doom porn at it's finest. Get it right here! Read all about it! lol.