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When everyone finally leaves the La-La-Land casino and abandons the fairy tale, household wealth held in stocks is a fraction of what it was in the heady days of hot hands rotating into the next hot sector.

Rather than glory in success, we are better served by being extremely wary of success.

So here we are, with a handful of winners declaring the system is working great and high-fiving each other, too busy congratulating themselves to see the tsunami of karma racing toward shore.

Did wages rise 10-fold to match the 10-fold rise in the cost of a modest house? No. That is social recession in a nutshell.

This time around, the Fed may not be able to “save” the bubble from a complete round-trip deflation, which history suggests might decline by 50%.