BILS - The Real 'Doctor Doom' Is Back And He's Gloomy

• Doctor Doom, Henry Kaufman, former chief economist at Salomon Brothers, is back and "... sees danger in the markets and economy."
• The secular bear market that took hold of the index in 1966 bottomed in the fall of 1974, breaking below 600 on the industrials for a brief period. That bearish narrative never vanished, but the interest rates and inflation expectation did when the Fed chair Paul Volcker took rates through the roof.
• There are pockets of irrational exuberance in today's market, but most investors are nowhere near to drinking the Kool-Aid by broadly embracing the stock market. There is broad skepticism afoot.

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