Considering our two huge bull markets in stocks from 42-66 and from 75-00 you’ll find in the 75-00 period that average annual real gdp was weaker, industrial production was weaker, capacity utilization lower, average monthly unemployment was higher. If you start looking at measures debt, deficits, and liquidity it’s the same, household liquid assets, personal savings rate, consumer debt, etc, all much worse from 75-00. Even if you start the second bull market in 1982 it only slightly changes some of the data and in some cases it looks even worse.