Bill Bonner is the Founder and President of Agora Publishing, one of the world's most successful consumer newsletter publishing companies, and the author of The Daily Reckoning. Bill Bonner is also a frequent contributor to Strategic Investment. Bill Bonner is the author, with Addison Wiggin, of the New York Times business best-seller Financial Reckoning Day: Survivng The Soft Depression of The 21st Century.
Investors are still buying, and have pushed the Dow up above its level of six years ago. What gives? What is it they expect? Higher earnings? Higher prices? The second coming?
It has been a strange recession followed by a strange boom. People did not do what they typically do in such times. Instead of cutting back spending, they actually spent more. Instead of paying down debt, they actually borrowed more.
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