The notion that rising stock prices will move GDP higher and draw the non wealthy members of the economy into the party is the justification for the Federal Reserve policy we have known since 2008. What is a PhD in economics good for? It is of great benefit to the one who has the degree because he does not have to prove anything. No effort will be spared by the elite to prevent a stock market reckoning.
A 666 drop in the Dow, is not a good deal for the Deep State. As, I have mentioned in previous posts, no effort will be spared to keep stocks moving higher and for sure to prevent a deadly crash. That is providing the political climate does not change.
The so called bubble is nothing more than a mature political agenda. As long as the political structure is in tact, efforts to turn the market up will be ongoing and relentless. The political system does seem to be falling apart. The chances are still very good that the central banks will escalate their outright buying. Suppose the market can no longer be supported despite pressure from the Deep State and the best efforts of the central banks. The public will be forced to take the losses, as happened in 2008.
People know instinctively that the government can stimulate the economy. People also know instinctively that experts within government can make life fare and solve every problem. What folks know instinctively does not work in the real world. Instinctive behaviors change very slowly, much slower than intellect. There was a time, when faith in authority and adherence to a group was completely necessary for the task of survival. Count on people to do what they are programmed to do instinctively. Trust government. Put faith in government. The alternative is to accept complete uncertainty as unavoidable and as the way of the world. Way down deep in the reptilian brain people are compelled to treat government as a parent.