Another sign that the stock market is out of sync with the real world.

On one hand, new figures show that the gap between the richest and poorest Americans is getting wider. As reported here, the wealthiest 10% percent of Americans on more than $138,000 each year, earned 11.4 times what those living near or below the poverty line made in 2008. This was up from 11.2 times in 2007 and the previous high of 11.22 times in 2003.

Somewhere in another universe, the market for IPOs is booming . Just in the US alone this week, IPOs are set to raise $3.5 billion. It will be the busiest week for IPOs in nearly two years.

But the biggest IPO market is in China with Forbes reporting that 38 companies raised a total of $15.4 billion in their IPOs in China so far in 2009.

This is all unsettling as much of this IPO boom is being driven by emerging markets and as David Herro, CIO of Harris Associates in Chicago warns, this has all the hallmarks of the technology, media and telecommunications bubble that occurred a few years ago. These markets, he says, are over priced and investors are buying in, driving up the prices even more.

It's only a matter of time before the bubble bursts and the stock market returns to the real world.