Elon Musk's recent comments about Bitcoin undercut the efforts of investors to establish it as an asset class, and could erode Musk's standing as leader of his two major companies, Tesla and SpaceX.
He called for tighter regulation, a move that appears well underway by regulators in the U.S., Europe and Asia.
Year-over-year comparisons are often used to gauge corporate growth, but that assumes the years are comparable. The economy shut down in 2020 as part of the effort to curb the spread of COVID-19 and demand collapsed, sending the economy into a tailspin. Earnings per share for companies tracked in the S&P 500 were up about 225% in the first quarter of 2021 compared with a year ago.
Calculating an accurate base presents a continuing challenge for the Federal Reserve, the nation's central bank, as it devises policy to back the recovery after supporting the economy during the downturn with record low interest rates and extensive bond buying. The optimistic view: Surging demand has run into supply chain problems in many sectors, reducing available goods and driving prices higher as consumers eager to spend dip into fat savings accounts that grew fatter during the COVID-19 shutdown.
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