Despite this clear warning, Wall Street is still delusionally optimistic about how the stock market will perform in 2023.
According to Bloomberg, Wall Street analysts expect S&P 500 companies' earnings per share to hit $229 in 2023 — a steady increase from their initial 2023 estimate of $211 at the start of this year.
Pretend it's the end of 2019 — not a terrible time for the stock market and the US economy.
Even if corporate profits sink back down to that healthy level, it's still a long way down from where the stock market sits right now.
All the visuals you've seen of a screaming-red stock market and sweaty traders doing the sign of the cross — those are just the beginning.
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