A reader pointed out this article in comments section a few days ago, and I thought it worthwhile to bring over.  It repeats quite a few themes long time readers of FMMF will be familiar with but ties them up together nicely.  The author, Brett Arends might be considered one of the more realistic financial journalists around.

I'm just going to list the 10 reasons, head over to Marketwatch for the extrapolation of each.

1. We are learning the wrong lessons from the last one. 
2. No one has been punished. 
3. The incentives remain crooked.
4. The referees are corrupt.
5. Stocks are skyrocketing again. 
6. The derivatives time bomb is bigger than ever — and ticking away.
7. The ancient regime is in the saddle.
8. Ben Bernanke doesn’t understand his job. (I disagree with this one - his job is to serve and protect the banking class - he has done a marvelous jobOh yeah there is some boiler plate about price stability and employment but judging from the value of the dollar and the 'real' employment rate - he has a F on those counts)
9. We are levering up like crazy.
10. The real economy remains in the tank.