I love round numbers

The ten year treasury yield just touched 3%. Oil is a few pennies shy of $100. Its like watching a pinball machine. Yahoo Finance says:

Dow close to best year since 1996

But if 1996 is any guide, than interest on the national debt will approach 7%, triple the proportion of the national budget, or "What fills the ten percent budget hole that sustains this growth' 

Zero Hedge says this is  an American thing:

S&P 500 earnings are 14% above their 2007 peak while euro-area profits are 53% below their all-time high in March 2008 (of course, this is not firm EBITDA but earnings per share - which is a mirage of low-credit-cost buyback-driven float shrink in some nations of the world... but still)

Are we just in a fracking mania? I don't know, yet.

Oh yes, the other thing about 1996, It had a Clinton and a Benson Treasury and a Brad Delong, budget balancing spear chucker.