Dow 36,000? sure, why not!

[Bradford DeLong]

>[Evidently these guys have found a new career in comedy writing.]
>
>Wall Street Journal - August 1, 2002                      
>
>In Today's Paper
>COMMENTARY
>Dow 36000 Revisited
>
>By JAMES K. GLASSMAN and KEVIN A. HASSETT
>
>When our book, "Dow 36,000," was published in September 1999, the 
>Dow Jones Industrial Average stood at 10318. The Dow closed 
>yesterday at 8736. What went wrong? Actually, nothing. Despite its 
>flamboyant title, "Dow 36,000" was a book of sober explanation, not 
>of wild prognostication. We calculated that 36000 was the point at 
>which the 30 stocks that comprise the Dow Industrials would be fully 
>valued, and we warned that "it is impossible to predict how long it 
>will take."
>
>But picking target prices was not what our book was about -- nor is 
>it what investing is about. The book had three themes -- and they 
>apply even more forcefully today than they did three years ago.

I'm sick to my stomach. They don't even *dare* reprint the subtitle 
of their book, do they?

Brad DeLong