Weakening earnings reports will be signs that QE3 was failing just as QE1 and QE2 did, but today the downside risks for investors will be an ugly reminiscent of the performance of stocks from October 2007 into March 2009.

FORBES: Industrials Up, Transports Down: Early Warning Sign Of Market Danger Ahead

The pension fund performance reports we reviewed all showed the same ugly results: horrendous underperformance and extensive self-dealing involving consultants.

FORBES: The Long Overdue Florida Public Pension Clean-Up (November 21, 2007 )