"The Fed Caused 93% of Post-2008 Stock Market Gains"
According to regression analysis, these (below) were the primary factors that drove stocks in each post-WWII era: GDP, Debt, DotCom, Debt, Fed money printing. Considering that Federal debt took 225 years to single and just 7 years to double, I would have to say debt is an overriding factor in the past 7 years as well...
The Wilshire divided by Federal debt and CPI (red) with labor participation rate (blue):
