Marc Courtenay submits:

Fed Chairman Ben S. Bernanke said after a Nov. 16 speech in New York that it’s “not obvious” that asset prices in the U.S. are out of line with underlying values after a 64% jump in the Standard & Poor’s 500 Index from its March low.

My favorite charts to exemplify this are the 1-year charts on GE (GE) and Bank of America (BAC). Here they are, one on top of the other. Considering their debt issues (and trillions in derivatives), is it not obvious that they are very over-valued? Didn’t Bernanke hear Meredith Whitney’s interview with Maria B. on CNBC this week? Are these not super-inflated bubbles?
<img src="http://ichart.finance.yahoo.com/z?s=GE&t=1y&q=l&l=on&z=m&p=m50&a=" alt="Chart for General Electric Co. (GE)” hspace=”6″ vspace=”6″ width=”512″ height=”288″ />
<img src="http://ichart.finance.yahoo.com/z?s=BAC&t=1y&q=l&l=on&z=m&p=m50&a=" alt="Chart for Bank of America Corporation (BAC)” hspace=”6″ vspace=”6″ width=”512″ height=”288″ />
You would see the same thing if you saw the chart for Citigroup (C).

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