Gilded Age

(1) Edging away from rational toward irrational exuberance. (2) From fairly valued to overvalued this summer? (3) New record highs for forward earnings. (4) As yields go up, P/Es go down according to Rule of 20. (5) The Fed’s MAMU dilemma. (6) End in sight for negative home equity. (7) Moody’s is less depressed about banks. (8) Consumers are happier. (9) Another Gilded Age already? (10) Gatsby’s bling.