On the other hand, earnings have been rising. The message is ambiguous. A stock's price and the overall level of the market reflect a consensus about countless bits of information. People do not invest in stocks expecting to lose money. They are saying, in effect, that there must be something wrong with anyone who continues to invest in the market.
People first decide whether to spend or invest their earnings.
People who continue to invest in the market obviously feel that the market is not too high relative to their other investment opportunities. If you think about this relationship, you can see why low interest rates tend to stimulate the stock market. Of course, the opposite holds true as well. Maybe there should be disclosure laws for people who make predictions. If a person had to disclose his past predictions' track record, I'm certain there would be far fewer predictions.