The world is a different place from what it was in the 20s, 30s and 40s, and even very different from the 1960s and 70s. Bad things happen to good stock markets. I seriously doubt it. Technology has changed the U.S. economy for the better. We produce better goods more cheaply.
Productivity rises, risk declines and the value of assets soars.
No, it won t go on forever only until the market is fully valued. But, according to my calculations and those of my colleague Kevin Hassett, we re still a long way from that condition. Stocks can triple very fast before they get too expensive. JWR contributor James K. Glassman is the host of Tech Central Station. Comment by clicking here.