Many of the concerns that prompted the unexpectedly large Fed rate cut last August are still in play. The economy continues to decelerate; corporate profit growth is slowing; the housing/mortgage market is in disarray; the dollar is crumbling before our eyes; and the Great Debt Bubble is just beginning to deflate. Despite all these conditions, a surprisingly strong stock market rally continues. Why?It's certainly not the market's fundamentals. As I observed, profits and economic activity are both deteriorating. And it's not a shrinking risk premium. One only needs to look at structured debt pricing to see that. It's not interest rates. While Treasury bond prices have firmed, yield spreads have widened on most other debt. And finally, it's not valuation, as stock valuations have returned to high-teen price/earnings ratios. Currently, the Value Line Arithmetic Index trades for 19 times 2007 estimated profits. What's a rational investor to make of this? The conclusion is simple and obvious. If enough CNBC guests scream loud enough, the Fed will bail out equity investors. And since stocks always decline in sync with some fundamental concern, there will always be some "crisis" to precipitate a rate cut, however overblown or manufactured. Did the Fed save Main Street with its actions? You tell me.