Bubble alert: stocks so overpriced they're at tech-mania levels, economist says

Great news, everyone. Even the ever-bearish David Rosenberg, chief economist and strategist at Gluskin Sheff (and formerly of Merrill Lynch) is calling for a "V" shaped recovery.

Unfortunately, he's not talking about the kind of "V" everyone wants: a snap back as equally sharp as the decline. Rather, Rosie's talking about valuation, and that news is just dreadful.