When stocks rise 87% it’s really a decline because we measure it in gold or oil.
When houses rose 100% it was a bubble because unlike stocks we don’t measure houses in terms of oil or gold.
The reason we measure stocks in oil or gold and don’t measure houses in oil is because a barrel of oil costs the same whether in Detroit than San Diego.
The dominant economic trend is deflationary.
Beyond that you can have price inflation/deflation every which way.
