In my humble opinion, there are either serious "Dents" in their logic, or they are completely full of Schiff!
It's true that there is plenty to worry about with respect to the world in which we live. There is no shortage of crazy people out there trying to do us harm, locally in some cases, globally in others.
Depending on one's particular point of view, sea levels will now inexorably rise 12 feet over the next 100-200 years, rendering coastal cities from Manhattan to Miami to Mekong entirely uninhabitable.
Read More How US cities are preparing for rising seas
The resulting planetary and humanitarian crisis will be staggering—if current beliefs hold true. The latest news on the rapidmelting of the West Antarctic ice sheet suggests that is a virtual certainty. Not everyone believes that, but if it's true, we're certainly not doing much to make the world a safe place for our children and grandchildren in which to live. I think the jury is out, but if wrong, shouldn't at least, informed investors be expressing their concerns with their wallets?
Moscow and Kiev could still explode into a full-blown shooting war in which Vladimir Putin's imperialist tendencies threaten the world, with both hot and cold running wars and the risk of nuclear escalation.
China could experience an unexpectedly hard economic landing, laying waste the driver of modern, globalized trade.
Read MoreWill China's slowdown benefit the rest of the world?
But that's not what the markets appear to be discounting. At the risk of sounding Pollyannaish, it's almost as though markets, not just the stock market, are pricing in something of a Goldilocks scenario, at least in the U.S.
I know I have been roundly criticized for looking on the bright side of life, of late. I have argued that the stock market is NOT in a bubble; the U.S. is on course to recapture global economic supremacy, and that innovation here at home will be a positive force for years, if not decades, to come.
Very few people hold those beliefs today. They argue the market is dangerously over-priced, that leverage and speculative excess is building in the system which will lead to yet another major financial crisis.