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The “Zombies” Are Coming: Wall Street Executives Await the Big One

Bankers know in their guts, as well as in their brains, that the combination of the highest stock prices and lowest bond yields in recorded history is not sustainable. A massive correction is coming.

Dow Jones drops
Photo by James Leynse/Corbis via Getty Images
William D. Cohan
September 29, 2021

What’s going to kill the party that has been raging on Wall Street since March 2009? That’s the question preoccupying many executives, bankers, and traders on Wall Street lately, especially since most of them agree that both the stock and bond markets are priced for perfection and that the circumstances on the ground are pretty far from perfect.