It's time to check in with the stock market, which I last wrote about in Human Craziness Goes Hyperbolic (November 25, 2013).
Although we are in Year 18 of what I call the Bubble Era, things seem to have taken a turn for the worse lately, a development which remained only a (remote?, likely?) possibility only a few years ago.
The most conspicuous of these bubbles is in the U.S. stock market, whose valuation (as measured by various indices) now threatens to touch Heaven itself. We acknowledge of course that the U.S. stock market is not in a bubble "officially" unless former Fed fixture "Easy Al" Greenspan says it is not in a bubble. Happily, we've got the reverse confirmation we need.