Brad DeLong illuminated the fact that US T-bonds are yielding - 1.5% and falling, while S&P is 12% higher from last year. Serious economists say S&P is historically low. My opinion is that there was a change in EU and thay are starting to increase liquidity, just like Bernanke. Greece and Spain default is behind us. Europe will muddle through 2012.
I am selling the "good" stocks and bonds, and buying "bad" corporate bonds paying 30 - 40%. I think that is the right thing to do.