How can companies generate such big profits with so many people out of work?

Bianco:  About 40% of the S&P 500's revenue comes from abroad, where many countries are growing at a faster clip than the U.S. The S&P has a lot of powerful indirect exposures to the world economy, via emerging market and commodity demand. Commodity prices are very important to the energy, industrial and material companies. Business spending also has a lot of connections to global growth. And that's what drives S&P earnings.