Sam Zell on CNBC

Sam Zell was on CNBC yesterday where he was joined by David Rosenberg. They both agreed that insanity is currently engulfing U.S. equities and that its clear that the driver behind the market's rise is not the economy (as indicated by poor ISM reading, jobs numbers, and worse NFIB data) but the Fed proping up the market and debasing the currency. Sam Zell says he is not increasing his position in the stock market and that its not a bad idea to sit on the sidelines right now - he then went on to say the stock market felt like the housing market did in 2006. He makes the analogy stronger by talking about how the markets bullish sentiment and uni-directional pull is similar to what was occuring in housing in 2006. Interesting stuff... enjoy.