MORGAN STANLEY CEO: Frankly, The Stock Market Is Not A Bubble

So, people noticed when Fink warned this week that the markets are looking "bubble-like."

On Friday, Bloomberg's Eric Schatzker caught up with the CEO of another financial behemoth: Morgan Stanley's James Gorman.

Gorman was pretty comfortable disagreeing with Fink's take.

Here's the transcript from Bloomberg Television:

On Larry Fink saying that he is seeking bubble-like markets again and whether he agrees:

"Not really, no. I don't. I see the equity markets. The S&P is trading at 1700 and change. It is frankly not bubble like relative to the year 2000, 2005, 1995 and so on. On the equity markets, no. There's a lot of robustness. The indices have rebounded tremendously, but from very low levels. There has been a flood of money out there through the quantitative easing program. It has been necessary to get this country back in balance, so no, I'm not sure I'd share that view."

On whether he agrees that the longer the Fed keeps quantitative easing in place, the greater the risk of bubbles:

"The reason they're keeping it in place is because the economy is not growing. The economy is not doing what it is supposed to do, which is creating jobs. We should all celebrate the day they start tapering because it means the Fed, with all the resources they have, have a fundamental view that employment is back to where Chairman Bernanke said it should be, which is 6.5% or better."

Some market-watchers have pointed to Robert Shiller's famous cyclically-adjusted price-earnings ratio as signaling a bubble.

But Jefferies' Sean Darby dismantled that thesis earlier this week.

Sooner or later, we'll see who's right.