1. The market is already expensive. Stocks are about 20 times cyclically-adjusted earnings, according to data compiled by Yale University
2. The Fed is getting nervous. This week it warned that the economy had weakened, and it unveiled its latest weapon in the war against deflation: using the proceeds from the sale of mortgages to buy Treasury bonds.
3. Deflation is already here. Consumer prices have fallen for three months in a row.
4. People still owe way too much money. Households, corporations, states, local governments and, of course, Uncle Sam.
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