It’s a function of expectations. Nothing (Iran War called off because SA bought off the USSR) got in the way of people investing according to a tried and true formula. We are in the second term of a two term president in a decade with an election in 04 and 08. Yep the Fed does no harm until politics are decided. Then you can expect the Fed with the full support of the newly elected President to do their worst. No political fallout from crushing us in the first 2 years of a new president’s term.
If the stock market does end up crashing, I want it to be during Hillary’s first term.
I would like to see her spin her way out of that!