The U.S. stock market bottomed out in March 6, 2009, so we are more than six years into a bull market. The U.S. economy bottomed out in June 2009, so we are six years into an economic expansion. By any standard, this is a very long bull market and very long expansion.
If you add all the stock market capitalization in the world, and you add the borrowings in the world, yes, today’s global debt as a percentage of the economy are far higher than in 2007. Recently, a Paul Gauguin painting was sold for US$300 million. So, we are in the middle of colossal asset inflation.
