http://www.marketwatch.com/story/its-not-just-stocks-everything-is-overvalued-2013-05-10?pagenumber=1

"In the 25 years between 1982 and 2007, the private sector (excluding banks) added $23.7 trillion to its debt level, while the federal government added $4.1 trillion. For all the recent talk of an unsustainable public debt, it’s the private sector that’s in real trouble.

The private sector has had to leverage up massively in order to afford the high prices it’s paying for houses, equities and other assets.

What’s the result of all this financialization? Debts are too high compared with underlying economic fundamentals, but so are asset prices."