“Shiller’s Work Achieves Nothing If People Do Not Feel Free to Talk About It At Every Site on the Internet. It Is By Engaging in Discussion of It That We Gain the Ability to Overcome the Get Rich Quick/Buy-and-Hold Impulse That Resides Within All of Us. The Journalistic Role Here Is Very, Very, Very Important.”

Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:

<em>You said before that you should get paid $500 million for your work. Now you are saying that you didn’t do the work and that you are merely a reporter of the work. If that is the case, you didn’t earn the $500 million</em>

Shiller is a giant. I certainly don’t say different. But what practical effect has his work had? The CAPE today is 39. That’s a good bit worse than the CAPE that brought on the Great Depression. Shiller’s work achieves nothing if people do not feel free to talk about it at every site on the internet. It is by engaging in discussion of it that we gain the ability to overcome the Get Rich Quick/Buy-and-Hold impulse that resides within all of us. The journalistic role here is very, very, very important. That’s why I soldier on. I have the weight of millions of retirements on my shoulders. I have no choice but to give this my best shot. My catch phrase is — I can do no more and I can do no less.

Rob