This was a direct consequence of asset-backed currency being converted to fiat currency unleashing the stock market and the creation of new money at will.
And of course the reason is that when fiat currency is institutionalized, interest rates drop because money is plentiful since it's being freely printed to fund anything and everything. Interest rates reflect the scarcity of money. Now money is funneled into the stock market by people seeking yields.
So the beneficiaries of the money printer and big government are corporations who are now able to spend everyone's savings that have been converted into equities.
Well, most benefit by an enormous margin goes to real estate owners, since the money gets created with home purchase loans. The stock market is peanuts in comparison.
