The Stock Market Is on a Tear

Let’s just finish up with all the charts I have today, OK? Then I’ll go to lunch, and maybe I’ll come back with some ideas for less analytical posts.

The stock market has gone crackers this month. Here’s the growth rate of the S&P 500 for the past year, with the first two weeks of January extrapolated to a monthly rate:

Hmmm. And here’s the Shiller PE ratio, which uses 10-year inflation-adjusted earnings:

It’s currently at about 34, which is lower than it was at the height of the dotcom bubble, but higher than Black Tuesday of 1929, the height of the 1960s bull market, Black Monday of 1989, and the height of the housing bubble. Is it too high? I guess that’s for each one of us to decide.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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