Dow Is Up 68 Points in Six Months. You Call That a Bubble?

NEW YORK (TheStreet) -- Bubble, bubble, bubble, there is no bubble!

If you listen to the many media outlets out there, you'd think that we are breaking all-time highs every single day, and that we've had such a runup this year that we're due for a 20% correction.

The term "bubble" has been said so many times, it appears that nobody knows what it means anymore. There truly was a mortgage bubble that led to the housing collapse in 2008-2009. Lenders were pumping out loans to anyone with a pulse on over-valued homes. That bubble lead to a very real market correction.

The problem is that all these market "gurus" who missed that correction now want to be ahead of the next one. You'll hear that we're in the middle of a bubble because of Federal Reserve monetary easing. Sure, Fed money has helped the market and eased much of the turmoil that occurred in 2009. When it completely finishes tapering there could very well be a knee-jerk reaction.

The great part is the Fed is tapering it down slowly to have less of an impact on liquidity and markets as a whole. In addition, it is doing so as the economy improves. Unemployment has gone down to 6.3%, margins are up, and the European crisis is being figured out. These are all good signs.

Yes, the macro and micro economies are far from perfect. The truth is, they will always have issues. They are not automobiles that you can tune perfectly. As soon as you resolve certain issues, others will occur. It is the nature of global economies.

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