[sfblah]

For years I've been reading commentators tell me that QE completely and permanently changed the nature of valuations in US markets. Now, perhaps, we'll finally get to see whether that's actually true or not.

If they're right, no sweat. If they're wrong, a recession will trigger a substantial downward revaluation of assets. For a picture of what that might look like, I suggest reading John Hussman's market commentaries, available free online.