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Paul Krugman wrote in the New York Times:

The big rise in the stock market is definitely telling us something. Bulls think it says the economy is about to take off. But I think it's a sign that America is still blowing bubbles ? that a three-year bear market and the biggest corporate scandals in history haven't cured investors of irrational exuberance yet.

And,

In short, the current surge in stocks looks like another bubble, one that will eventually burst.

Brilliant. Just f***ing brilliant. The total return to the S&P 500 since then has been about 66%, including dividends. Gee -- I sure wish I'd sold everything four years ago like Krugman said to do.

Thanks to Crossing Wall Street, who has the whole story.

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