That's the question asked in a NYT article this morning. Of course, the more important question is the path of the much broader S&P 500 index. The article notes that the price to earnings ratios here are not much higher than their historic average. But the key part of the story is the path of earnings going forward.
SCAPEGOAT? MORE LIKE A GOOD START. The Washington Post'sSally Quinn seems strangely confident that Defense Secretary Donald Rumsfeld will recognize that he is hurting America and step down following the midterm elections. I'm not holding my breath, but I would certainly welcome this long-overdue development -- Rumsfeld holds great responsibility for the disaster in Iraq and for the growing problems in Afghanistan. The ongoing revelations in the press and in Cobra II, Fiasco, and now Bob Woodward'sState of Denial have made that clear.
POSTED ON TAP ONLINE: UNTRUTH IN ADVERTISING. Folks may have noticed (and plenty of readers have made clear they've noticed) the Feminists for Life ad that's been running, on and off, here on the TAP website the last couple of weeks. As policy TAP Online doesn't apply ideological criteria in accepting or rejecting advertisers, and it should go without saying that advertising doesn't affect the editorial content of the site. Just in case that didn't go without saying, it happens that Tapped's own Addie Stan has offered her take on the outfit today. Take a look.
SELF-HATING FUNDERS. So that Sorospost from earlier today? Ignore it. Folks who know better have written in and convinced me that, contrary to what he told me and various blind sources are saying, he's pumping truly significant amounts into very significant things.
CIVIL RIGHTS SOLDIERS. Via LGM, Erik Loomis's remembrance of Diane Nash's service to the civil rights movement is an important historical corrective. In retrospect, these things are always made out to be Great Man conflicts. Either Martin Luther King Jr. did it all on his own, or it was his productive tension with Malcolm X, or Lyndon Johnson. That it was, in fact, countless footsoldiers putting themselves in harm's way every day and giving King's rhetoric force and numbers is rarely mentioned.
OUTREACH. Rep J.D. Hayworth (R-AZ) thought he might feel just a tad unwelcome at Shul recently after he expressed support for notorious anti-Semite Henry Ford's "americanization" program, and refused to apologize after protests from the Jewish community in his district. So on Tuesday he backed out of a scheduled campaign appearance at a local synagogue and instead sent a surrogate. Some might say that was already a sign of disrespect and not a step in the right direction.
OBAMA BUBBLE. I think Malcolm Gladwell's next book should explain the phenomenon of political speculation bubbles. Iit happens every couple months: a spectrum of the major middle- to high-brow magazines and newspapers run major features on the same topic all at once. There was the June 2005 "how do we deal with the emergence of China?" bandwagon, which featured covers from The Atlantic, The Economist, and Time.
SOROS SEZ. I previously linked to this Reihan Salampost wondering why megawealthy Democratic donors like Soros are retaining their post-2004 pique and not pumping money into this election cycle, what with its possible 40 or 50 seats in play.