Permanent because the government has the power to print money and that power is intoxicating, and will continue so long as we have unwashed masses have the majority votes.
Exaggerated because dollar has devalued so much in my lifetime, so if you adjust the indexes to inflation, SPX for example was at 525 in December 1960 while dollar has devalued by 783.72%. from December 1960 to date. Inflation adjusted SPX today would be 525 x 7.83 = 4110.
So we closed at 4297.50 today. Not much of a gain from 1960 in purchasing power,