S&P 500 earnings are at record divergence from national income earnings (tax-based earnings), matching 2000 and 2007 peaks; this divergence is driven by financial engineering including other income (unrealized gains on investments like Anthropic positions at inflated valuations) rather than core operating earnings.
factualpending
Speaker
Peter BookbarEvidence Quote
“you are back at one of these stretches just like you had in 2000, just like you had in 2007 of record divergence between S&P 500 earnings and national income earnings”
Created: 8/12/2026, 6:20:13 PM
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