You would rather believe in manipulation than a slow recovery after 5 years of massive Fed intervention? I use logic in my line of work. Not logical nor is it even possible. You would have to manipulate every single data that investors use. Consumer confidence, GDP, employment, earnings, sales, consumer credit (which is gaining big numbers lately), housing, etc..
How can you fake earnings and also mistrust your own eyes. Are people spending their money on discretionary items such as electronics, expensive cloths, movies, concerts, restaurants, toys, games, bars. How can they do this if the government is faking the data? Do they also have fake androids roaming the land?
Sticking to a model that is proven wrong is a big mistake. In order to do so you would have to believe the unbelievable is happening. Instead of altering or fixing your mistakes you would have to alter the whole world to fit your model. Which seems more likely?
The investors these last 5 years were not duped. If duped you mean gaining huge profits than let me be duped. Historically earnings and a strong economic model do not always go hand in hand. We have had a very unusual and "fixed" set of circumstance that allowed corporations to make money while the consumer treads water. Ingenious Fed plan to force rates low while we recover. It is costing a huge amount of funny money that one day will bite us in the ass. that day is not here yet. all the signs suggest we get back to the credit expansion phase that created the debacle in the first place. We are just stating that credit expansion with easy policy from banks and a willingness from consumers to add to debt.
I would not be surprised if we go another 1,000 DOW points before any meaningful correction occurs. Time is running out for a sizeable correction before the holiday cheer takes over.
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