Hussman: "These Go to Eleven" (The "Spinal Tap Market")

``... we observe the richest market valuations in history with the exception of the 2000 peak... this is a market that is priced for utter perfection, reflecting the Potemkin Village that Fed-induced speculation has built on Wall Street, even as Main Street struggles in its shadow. Could this time be different? There are numerous factors that aren't in place here, such as overt Fed tightening, but we also know that those factors have not historically been necessary for steep market retreats to occur (indeed, the 2000-2002 and 2007-2009 plunges occurred in an environment of persistent and aggressive Fed easing).''