“Ordinarily, we think of the economy affecting stock prices. I think we miss a very crucial connection here in that this whole recovery, as best as I can judge, is to a very large extent, the consequence of the market’s bottoming last March and coming all the way back. You can see the whole blossoming of finance. Remember, it is the market value of equity in a financial institution that determines the ratings of its debt. It’s not the book value. As the stock prices have gone up, debt became far more valuable and you can see this huge issuance especially of junk bonds. It is affecting the whole structure of the economy, as well as creating the usual wealth effect impact.”