The question is do the norms apply in this market? Despite the assertions of the FED nominee to the contrary, any reasonable person with a modicum of finance expertise knows the current stock market appreciation is simply corporate malinvestment of QE (leveraging, refinancing and most egregiously stock buy-backs, which temporarily mimic earnings growth by boosting EPS via the denominator) and a desperate reach for yield by money managers (think about the conundrum faced by pension funds, annuity (insurance) companies, etc, who have to grow their funds to meet mandated payouts). Current stock prices are not supported by the fundamentals, and after today's testimony I realize the FED sees everything through rose-colored lenses, they are eternal optimists (Im thinking that is a requirement of employment) and only recognize failure of their polices after a disaster. And so the question is, IS THIS TIME DIFFERENT? No I dont believe so, QE exhaustion is near, soon it will be apparent to even those in the rabbit hole that current stock market appreciation is bottom line driven. The market will correct severely and we will enter a prolonged period of extremely low interest rate stagflation analogous to the late 1930's and 1940's. Todays 10-year will be a strong buy in the rear-view mirror.