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They Also Serve Who Play Whack-a-Mole with People Who Do Not Understand the Gordon Equation for Valuing the Stock Market: The Last Kevin Hassett Post (For Now)

Right now, I feel exactly like Major Prathachulthorn of the Terragens Marines feels in David Brin's The Uplift War as he gets strangled into unconsciousness by a mutinous super-intelligent over-aggressive chimpanzee:

Distantly, she heard Prathachulthorn mutter to himself: “This universe is a goddam awful place"…

Suppose that you had told me, 15 or 30 years ago, that there was an economist who did not understand the Gordon equation for stock market valuation: somebody who, instead of knowing that the Gordon equation was P=D/(r-g) (where P is the value of the stock index, D is the dividend paid on the index, and r and g are the required rates of return and expected dividend growth rates respectively) thought instead that it was P=E/(r-g) (where E is the account earnings of the index). Suppose you had told me that that somebody would be a respected senior economic adviser to Republican presidential candidates. Suppose you had told me that that somebody would be taken seriously by the press as an authority. And suppose you had told me that I would feel compelled to play whack-a-mole, in a largely vain attempt to limit the spread of misinformation…

I would simply not have believed you…

I would've said that the Republican policy oriented economists could keep their own house well, not clean, but at least no more than 1 inch deep in toxic sludge.?.

I would have been wrong.

Oh, well: They also serve who play whack-a-mole with people who do not understand the Gordon equation for valuing the stock market.