“On the March 9 anniversary of the stock market implosion a year ago, a front-page story in the Wall Street Journal featured one of the same bears making the same bad argument he made a year ago. The article, ‘Worries Rebound on Bull’s Birthday,’ was almost entirely devoted to trying to explain a graph by Robert Shiller of Yale, titled ‘Stocks Still Expensive.’ The New York Times ran the same graph on March 15, 2009, to warn us that the ratio of stock prices to earnings ‘hasn’t fallen as far as the market bottoms of 1932 and 1982.’”