>I think Schiller does not pay sufficient attention to the objective
>strenghtening of the US relative position after the end of the Cold War.
>Schiller seems to think it's all a matter of subjective triumphalism.
I agree that Shiller overdoes the subjective, but as he points out, the last several years' surge in stock prices is all the result of higher valuations. The great profitability surge was 1982-96. To justify today's valuations, profits would have to grow at rates far in excess of GDP for a long time. Do you think that's going to happen?
Doug