I have a lot of respect for Richard Fisher, the head of FED Bank of Dallas. He has been consistently honest. While Greenspan, Bernanke and now Yellen tend to blow smoke up everyone’s ass, Fisher has the tendency to call it as he sees it.
His comments (see the article below) are, once again, right on the money. I have already demonstrated a number of times on this blog why the stock market is incredibly overpriced…. by any measure.
While a lot of money managers would argue that the stock market is not overpriced based on simplistic P/E ratio, they are missing the point. Corporate earnings have been driven by the same credit that has been driving this stock market rally. When credit dissapears, so will the earingins. Making today’s market incredibly expensive. More expensive than 2000 and 2007.
Will that lead to a similar collapse? I am not at liberty to say due to my obligations, but you can find the answers you seek here.
Here is just one indicator of overvaluation. 
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Fisher, The Only Honest Member Of The FED: Stocks Are At “Eye-Popping Levels” Google
Richard Fisher, president of the Federal Reserve Bank of Dallas, on Wednesday said he was concerned about “eye-popping levels” of some stock market metrics, and said the central bank has to monitor the signs carefully to make sure another bubble isn’t forming.
In his speech in Mexico City, Fisher said some indicators like the price-to-projected forward earnings, price-to-sales ratios and market capitalization as a percentage of GDP, are at levels not seen since the dot-com boom of the late 1990s. He noted that margin debt is pushing up against all-time records. “We must monitor these indicators very carefully so as to ensure that the ghost of ‘irrational exuberance’ does not haunt us again,” Fisher said. While a few Fed officials have mentioned unease about stock prices, Fisher’s comments are the most pointed to date.
Fisher did not spare the bond market, saying that narrow spreads between corporate and Treasury debt “reflect lower risk premia on top of already abnormally low nominal yields.” Fisher is a voting member of the Fed’s monetary policy committee this year. He has been a strong opponent of the Fed’s latest round of asset purchases.