It's totally logical, say economist Kevin Hassett and journalist James Glassman, who argue in Dow 36,000 that stocks are both safe and undervalued. Not so fast, says Yale economist Robert Shiller, whose Irrational Exuberance says the market is headed for decades of trouble. The two sides had it out in a TIME debate.
GLASSMAN Stocks have returned an annual average of more than 11% for the past 70 years. And, in fact, really for the past 200 years. I think that's enormously important for people to understand. It is a tremendous return compared with the alternative, bonds.
We say emphatically that...
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