Bob Brinker 5 Root Causes of a Bear Market Not Present

From Kirk: Bob Brinker Market Outlook + 5 Root Causes of a Bear Market

Monday, June 28, 2010:  Brinker says none of his "five root causes of a bear Market" are present at this time. He elaborated on his "five root causes for a bear market" in detail during the May 22 Moneytalk show.

What are the root causes of a bear market?

1. Tight Money:  "That is when the Federal Reserve pulls in their horns, takes away the punch bowl, restricts the growth of the money supply. And money is harder to get, and as a result money price of money goes up....Do we have that now? No. Do we have the prospect of having that now? No."
2. Rising Interest Rates:  "I'm not talking about the federal funds rate going from 1 to 2. I'm talking about a meaningful rise in interest rates.....When we look at the rates today, they are low, low, low. Rising rates are not a problem as we look at the market place right now....... 
3. Hyperinflation, rising inflation. Do we have that? No... We don't have an inflation problem right now.
4. Rapid Economic Growth.   Do we have that? Not on your life. Not even close......Some people are worried about a double dip.
5. Over-valuation:  "When stock prices are so high relative to valuations they're on the moon like they were in January of 2000. Well, not true. We don't have over-valuation right now. We have good valuation right now."

Brinker concluded:  

"So all five of those are no's. We don't have tight money. We don't have rising rates problems. We don't have rising inflation problems. We don't have rapid growth in the economy and we certainly don't have over-valuation in the stock market......Out of five possible root causes of a bear market, we have zero. That is why I am of the opinion that we are not in a bear market."

Read it all at Bob Brinker Market Outlook + 5 Root Causes of a Bear Market

and => 3/28/08: Recession of Choice

So who is right, Jain or Brinker?