If Real Earnings Are Down Why Is The Real S&P Up?

Here's another chart showing how the stock market is completely disconnected from reality and how the whole mutual fund phenomenon will probably be remembered as the tulip delusion of the late 20th century.

Stock prices have no business trading at these current levels. Adjusted for inflation we make less now per hour in terms of purchasing power than we did in 1972, so how in the hell are inflation adjusted stock prices above 1972 levels? Real corporate earnings is the answer. Corporate earnings are in the opposite of a downtrend. It's good to know someone is doing well.

Their time is gonna come...