The Party's Over

For evidence that the balloons are bursting and the dance-floor lights are coming up, take a look at the return on equity of the S&P 500 Index. The measure dropped below 12 percent on March 21 -- the first time it's crossed the line in that direction since June 2008. The occasions prior to that were May 2001 and April 1991, and all three instances coincided closely with U.S. recessions.

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Some of the more exotic activities from major corporations of late make much more sense when considered against a landscape of deteriorating returns.