I call bologna. The market and the economy are decoupled at this point. The former is a bubble - an epiphenomenon of QE, the latter is a victim of automation and offshoring.
I predict that the DOW will hit 15K this year (on devalued FRNs) -- for I do not believe the Fed will cut off QE in June, or the Fed will perhaps go into stealth mode QE -- and the U6 will remain above 16%,
You can balogna all you want - I’m not fond of it, myself - but taxes on investment income affect investment and employment. There are many different forms of investment besides publicly-traded stocks.
Bubbles are a phenomenon of many different types of markets, but not a key point in any way. Over the long term, the real factors that determine ROI drive what is happening out in Real Life.