Written by: Harry Dent A lot’s driving this bubble we’ve been in since 2009, but good fundamental trends and things like demographics and technology are not among them.The biggest inflator has been the $13 trillion worth of quantitative easing (QE) courtesy of central banks. Thanks to their significant gift to all but retail investors like you and me, speculation has become the norm.With higher cash flow and cheaper borrowing rates – all in a slow growth economy – companies quickly learned that the best way to increase their earnings per share (EPS) was to shrink the number of shares available.Just look at this… In 2018, Trump added the massive tax cuts to the stimulus plan. That created even more direct cash flow to corporations, who responded with record stock buy backs of $806 billion last year, which was a 56% increase over 2017. JP Morgan expects we’ll see about as many buybacks this year. The 2019 number is an estimate. Regardless, it’s insanity.Related: 3 Bold Predictions for Digital Securities and Alternative Asset Investing Since 2009, corporations have done more than 90% of net buying in the stock market. As The New York Times accurately describes it, “This stock market rally has everything except [individual] investors.”Institutional buyers – aka the smarter money – have been net sellers.Individual investors – you and me – have been neutral while foreign buyers have been only slightly involved in stock purchases.Rather, the dizzying gains the U.S. stock market has enjoyed are a result of $5.6 trillion worth of stock buybacks over the last decade!That’s an average of $500 billion per year. It’s no wonder democratic politicians like Senator Tammy Baldwin have introduced a bill to ban open-market stock buybacks. Senators Bernie Sanders and Chuck Schumer are on this bandwagon as well, as Rodney has mentioned before .