"All markets trade their way to Perdition" is how TrimTabs' CEO Charles Biderman concludes a rather clear and factually full exposition of the reason we have gone up and the reality of why a drop is inevitable. Between the outsize number of investment vehicles relative to investable assets, the trend bias that every wealth manager seems stuck with that we will grow our way out of this mess (which Biderman suggests means a long-term rate of 5-10% GDP growth for the US - which seems obviously beyond our reach). He takes on the irony of the Wall Street vs Main Street arguments and warns of the inevitable plunge in the stock market (further believing that the winner of the next election is irrelevant given the cash vs special needs imbalance that exists). The US economy, if marked to market, is broke. Take home pay for all taxpayers is now only $6.2tn, down from $7tn at its peak in 07, and additionally we have created $5tn of new debt since the start of QE1 and owe a PV of $50tn in 'unfunded' liabilities leaving the future looking quite grim in his view. Perdition indeed appears to be looming given the Fed's far from sanguine view of reality.