Congratulations to JP Morgan and Bank of America for their 'perfect' trading records in 1Q 13.
Perfect records in what is at least nominally an efficient market is a bit unusual. And it speaks volumes.
I read a justification at Economist's View yesterday for why stocks are not in a bubble. The primary thrust of the argument was to deflate the nominal SP 500 and compare it to its previous highs. That those highs were the peaks of grossly mispriced credit and risk bubbles apparently goes without mention.
This will end badly and the same jokers who missed the credit bubbles in tech and housing will say, 'How could we have known.'