“For five years now, the US private sector has been trying to deleverage – while the public sector insists that it borrow more. Result: economic stagnation. Also, US consumers have watched their wages and family incomes fall for more than ten years. And adjusted for inflation (however you calculate it) investors are still below where they were in 2000.  And now, the world has changed…almost the opposite of 1980, when the big boom began. Today, stocks are expensive, not cheap like they were in 1980. Interest rates are low, not high like they were in 1980. Total debt is now around 350% of GDP, not 150% like it was in 1980.”

http://www.equitymaster.com/dailyreckoning/detail.asp?date=04/13/2013&story=2&title=Tough-luck-for-investors

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