Since last October, the stock market has been on a run. The Federal Reserve is now taking credit for the rebound, claiming it was an outcome of the monetary leap forward known as Quantitative Easing. By its own admission, the Fed is promoting financial leverage and doesn’t know the extent to which it is creating an asset bubble — a responsibility it now has the obligation to monitor and control.

So far, so good. But McCombs Professor Lew Spellman cautions that a Black Swan event could eventually lead to asset deleveraging. Read more at his blog, The Spellman Report.