It is a bubble. And nobody has yet figured out a way of letting air out of a bubble slowly. They tried it in 1929. They tried it in Japan in 1989. It didn't work in either case.
Investors are a fickle lot.
They praise Alan Greenspan as the Master of the Universe, giving him all the credit for this wonderful economy and skyrocketing stock market. Of course not. He knows something that the masses don't want to know. There is inflation. And it is smack dab in the middle of Wall Street.