After all the euphoria of the past two decades and all the despondency of the past two months, where's the stock market? David Leonhardt's column a few weeks ago [1] in the New York Times offers a calm discussion and a revealing little graph. Compared to the long-term average 10-year (lagging) price-earnings ratio (~16) things are now ... roughly normal! It's not quite the end of the world after all.

(cf. The Cancer Ideology (1999-05-19), Money Wisdom (2001-05-20), Pop Goes (2001-06-19), Bubble Busters (2002-02-06), Dow Theory (2002-07-27), Next Economy (2005-01-31), ...) - ^z - 2008-11-13