It's different this time, stupid!

"You just don't understand the 'new' economy..."

There comes a point when "bad news" - like the worst decline in US productivity in 37 years - is unassailably "bad news" no matter how "great" the 'lower for longer' easefest is. Eventually, valuations matter.

Also "Probably Nothing"

And "Probably Nothing"-er...

Seems odd that in both cases - 'micro' EPS expectations and 'macro' GDP expectations - the US Treasury market 'agrees' as stocks "prove Obama right" that everything must be awesome.