Dow 36,000!

[Brad De Long]

>[If the risk premium for stockholding were to go to 0, then the return on
>stocks should approach that of a riskless asset like a Treasury bill, or
>4.5%, rather than the historical 7-10% and the recent 20-25%. But let's not
>split hairs...]
>
>Wall Street Journal - March 17, 1999
>
>Stock Prices Are
>Still Far Too Low
>
>By James K. Glassman and Kevin A. Hassett. Mr. Glassman is a fellow and Mr.
>Hassett a resident scholar at the American Enterprise Institute.

Clive Crook says that Glassman genuinely does not understand the difference
between corporate dividends and corporate earnings...