Jeremy Siegel, the smiling, persuasive Wharton finance professor whose "Stocks for the Long Run" fueled the long bull market despite its reliance on generations of questionable data, is at it again, dissing bonds and predicting a triumphant blue-chip stock revival in this Wall St Journal piece with his business partner, Jeremy Schwartz..

The self-professed "Wizard of Wharton" is no doubt right that interest rates will rise, eventually, devaluing today's bond funds if investors dump them in a panicked rush. But his case for stocks (that consumer and corporate debt isn't a problem, cause it's already been written off, and that efficient production is more important to the U.S. than consumer recovery) is less convincing.

How long, Prof. Siegel, how long? Anyone who bought the S&P 500 as far back as the late 90s still underwater; and in the long run, per Keynes, we're all dead.