Trying to answer to this question may be less important than thinking about some structural changes in the market that are having long-term effects.

FORBES: Whither Japan Stocks: Will Foreigners Investors Drive Gains?

Fortunately the U.S. does not yet suffer Japan's structural deadweights, but the Fed could still make the mistake of thinking that easing interest rates is the equivalent of monetary ease.

FORBES: Fact and Comment