Value or Bubble? Are the gains justified?

People often say that price speaks for itself, but when you rationalize value from the standpoint that prices are diluted by a central mechanism, price suddenly doesn't speak for itself. I don't think the price increase is rational in any sense beyond the view of a herd mentality, and I certainly think the view in which this dilution has skewed the image of price to make asset prices look stronger than ever is irrational. Having a fed with a 4.5 trillion dollar balance sheet isn't exactly comforting either. How many bags will they continue to hold before this price image is no longer something they can hide?

So I don't think the gains are justified. How about you?