For any of you interested in the stock market, here's another great chart
showing the relationship between "secular" (long term) market trends and P/E (stock price-earnings ratios):
(click to enlarge)
Bottom line, we're likely in a bear market right now with a brief (a couple of years) bull cycle.
On another note, the other big news today is the release of the core producers price index. It was up more than expected. This is yet another indicator, even within the lousy government measurements, that inflation is cooking right along. Conservatives claim it's because we have such a swell economy. I claim it's because we have an artificially high set of energy prices caused by Bush and peak oil.
I'm also (finally) starting to see the term "stagflation" in news stories.