Because "No one saw that coming..."
Bernanke and Yellen back in 1967:
In 2009:
U.S. GDP (not shown) dropped -3%
Revenue per share (blue line), dropped -20%
GAAP Earnings (red line), dropped -90 fucking %
S&P 500 (shadow line): -55%
Got leverage?
Earnings per share were monkey hammered back to 1976 on a -3% drop in GDP...And in this cycle, they peaked a year ago...
Data here: http://us.spindices.com/indices/equity/sp-500
"Well, we fixed that problem"
"I had no idea we're just a bunch of dumbfucks"
"I had no clue my wealth was fake. I figured operating system monopoly plus Fed money printing, was a lock"
Cue 1976:
In the Great Depression, GDP dropped -25% peak to trough from 1929 to 1932.