Financial repression is over (for now). We'll see if the screamers for bailout start a knockin' soon, as this is behind the recent downturn in equities:

The S&P 500 dividend yield, at 1.89%, is no longer attractive at current stock prices. In addition, companies are free to slash their dividends – which happens during rough times for the company or the market. So dividend investors are taking significant risks for so-so yields.

Suddenly, many investors are beginning to struggle with a question: Would I rather make 2.7% guaranteed risk-free for a year, such as with Treasury securities, or risk losing 10% or 20% as I might in the stock market? The market could surge another 15%, but it could also do the opposite. Year-to-date, the S&P 500, after all the gyrations and volatility, is up only 2.0% (last time I looked) and is potentially just a rough day or two away from turning negative for the year.