He was pointing to a chart illustrating the hierarchical relationship between the foreman and the worker.

NEWYORKER: Not So Fast

Just to drive the point home, the chart below presents the same historical relationship in Japanese data over the past two decades.

FORBES: Has The Fed Lost Control?

As you can see from the chart above, there is an historical relationship in the United States between rising equity yield premiums and falling growth.

FORBES: The Stock Markets Are Forecasting Economic Stagnation, Not Recovery