This is happening in the context of fiat money being created, both here and abroad, at astounding rates while the official worry is deflation. The nature of “securities” being purchased and sold for capital gains is not so important as the liquidity permitting those trades. Fine for now in a world of modern monetary policy (i.e. trillion dollar deficits and forever low interest rates), but if the liquidity dries up, 2008-9 will seem like a picnic.