During the 1920s, there was 10:1 leverage in stocks. Wall street recently saw as much as 30:1 leverage in derivatives. This is a good site with many charts comparing the two: http://www.voxeu.org/index.php?q=node/3421 Also, don't forget that a rising S&P 500, DOW or NASDAQ is completely irrelevant if the US dollar plummets with it. Inflation, inflation, inflation... Are we just experiencing a short recovery, but with greater inflation? Thoughts? Similarities? Differences?