Goldman Sachs says you can go back a century before 2008, and still not find a “bull market in everything” like today’s. REUTERS/Brendan McDermid
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The Great Recession is a speck in the rear-view mirror for America's financial markets.If the real economy had roared back the same way, Donald Trump might not be president.While unemployment is near a two-decade low, wages have grown slowly by past standards.Trump's tax critics say his plan will have a similar effect, because companies will spend the windfall on share buybacks or dividends, instead of job-creating investments.Bank of America's most recent buyback program totals $18 billion. Soaring markets helped the top 1 percent of Americans increase their slice of the national wealth to 39 percent in 2016, according to the Fed's Survey of Consumer Finances. The bottom 90 percent of families held a one-third share in 1989; that's now shrunk to less than one-quarter.It burst in March 2000, plunging the economy into recession.Today, even after an increase of more than 9 percent over two years, incomes at the bottom are short of precrisis peaks, while higher earners have comfortably surpassed them.'Broken System'The U.S. is already experiencing some of those strains.Trump won his party's nomination and the presidency.
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