David Leonhardt makes the obvious point that one should always adjust stock prices and anything else for inflation before declaring record highs.

This piece also announces a new schedule of columnists for the Sunday business page. One very wlecome addition is Yale economist Robert Shiller, one of the first economists (after me) to recognize the housing bubble.
(I’m calling it a tie on the stock bubble.)

–Dean Baker

Dean Baker is senior economist at the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. Read more about Dean.