Zero Hedge: Excess liquidity game coming to an end

Tough being bearish these past few months and especially now as we continue to climb into September. Just some interesting comments from David Rosenberg to keep us going.
As Albert Edwards put it in the FT" Once again, equity participants are missing the big picture. For despite clear signs from the business surveys of some sort of second half recovery, firm evidence is emerging that the global economy is sliding towards a full-blown deflationary episode once this recovery falters.
"We heartily concur with GMO's Jeremy Grantham who remarked recently that after 20 years of more or less permanent overvaluation of US equities, we saw just five months of under-pricing through the March trough. Do bursting global equity valuation bubbles really end like this? Of course they don't."