This is what you get when you allow government to create bubbles. Obama did in the stock market, what Clinton, the Democrats, Bush and the establishment Republicans did in the housing market. The pity is that the market is fundamentally strong, based on corporate earnings and cash holdings. However, because of the Obama Fed pumping fake cash into the economy, 85 billion a month, people were looking at that as a reason to invest, instead of the basics. Now, it is time to pay the piper. As usual the founding fathers were right about government and people; while the supporters of totalitarian big government were wrong.
The Obama bull market, despite its historic rise, isn't close to being a bubble. The bond market, on the other hand, is sure to go down in price as interest rates slowly rise. After all, the economy is improving. The era of cheap money is coming to a close. Obama and Bernanke saved us from a world-wide depression.