A Quick Look at the Stock Market

The Wall Street Journal is breathless yet again because the Dow has crossed another threshold with three zeroes in it:

Just 30 days! Of course, that’s how things go with an exponential series: the time between fixed intervals gets smaller and smaller. For your viewing pleasure, then, here’s a less dramatic take on the stock market over the past seven years:

There you have it. This is not the Dow, it’s the S&P 500—which is a better measure—but they’re pretty much the same. The market has been growing at a fairly steady 11 percent per year ever since the Great Recession ended. There’s really nothing very special going on right now. In case you’re interested, here’s the P/E ratio since 2004:

It’s starting to look a little pricey. The last two recessions began when the P/E ratio was at 26.1 (March 2001) and 22.4 (December 2007). It’s currently at 25.5

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REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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