Mish: US equities are in one of the biggest valuation bubbles in history.

Interesting and increasingly pointedly negative comment from Mish today regarding US equity prices as he responds statements made by the author of an article he is reviewing:  "Jensen's comment that US equities are "more or less fully priced" is silly. US equities are priced well beyond perfection in one of the biggest valuation bubbles in history."

I could not agree more about the valuations even though Wall Street is talking about PEs in the 15-20 range, not nearly the highest PEs we have seen before.  Valuations are fake right along with earnings; not that the corporations are necessarily lying about the numbers mind you.  More to the point, debt has been pumped into the economy buoying all boats.  Everyone talks about instantaneous earnings without considering the increasingly massive debt that was used to generate them.  Nobody knows when this will collapse but it certainly will at some time, and likely soon.