I stare at the S&P on my screen (SPY), almost in disbelief. It has almost tripled since the crash in 2009, and has more than doubled since a lull in 2011. What is fueling this growth? Have there been advances anywhere, that have increased value to this extent? It makes no sense to me. After some reading around, the big arrow points to interest rates being held at near-zero levels. This makes money very cheap to acquire, and so it pays to borrow at low rates, and invest. Isn't this exactly what happened before the crash in 2007? The Japanese Yen could be borrowed very cheaply. When the rates spiked up, it was one big margin call. It looks like another big bubble to me. As former President Bill Clinton said, "It's the economy, stupid." Do the Dems fear that they'll get voted out if the economy goes south? Is President Obama working to keep the interest rates low, so that the S&P continues to happily move up? Is there any way to see how deeply the banks are leveraged? How much have they borrowed? How deep in are they?