Why is there a remarkable stock market rally in the midst of the worst recession (depression) since 1930? While we hear explanations of every day’s rise and fall of the indices (e.g., the “whatever” numbers were not as bad as expected, or they were better than anticipated), the obvious answer is that a few serious investors have studied their (arcane) National Income and Product Accounting. The stock market is rising because extraordinarily high corporate profits are just around the corner. This is what Prof. Alpert writes in a contribution to the American Thinker blog.

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