Farr: Is the Mardi Gras on Wall Street Over?  At 6:00 most
mornings, I check business headlines, futures, overnight trading
in Asia, the 10 year Treasury, and the dollar.  This morning I
was greeted by this headline, “Birinyi Buys as Biggest Bull
Rally Since ’55 Hits Third Year.” What followed was one of the
most bullish series of arguments I’ve read in a few years. As my
regular readersknow, while we are always nearly fully invested,
we have been cautious and suspicious of this recovery. This
Birinyi article made me rethink my caution again.  Trillions of
dollars have been swept into the US Economy over the past two
and a half years by the Federal Reserve, Congress, and the
administration. The immediate result of the aggressive actions
was that a collapse of the financial markets, especially the
overnight liquidity markets, was averted. A longer-term
consequence was that those trillions of dollars caused the
economy to swell. While this swelling was heralded as
resilience, it was not. It was the direct effec