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Why Robert Shiller Is Worried About the Trump Rally

  • ‘The market is way over-priced,’ Nobel laureate says
  • Trader psyche reminds one academic of tulip-mania and plague
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Yale's Robert Shiller Sees Room to Run for Trump Bump

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The last time Robert Shiller heard stock-market investors talk like this in 2000, it didn’t end well for the bulls.

Back then, the Nobel Prize-winning economist says, traders were captivated by a “new era story” of technological transformation: The Internet had re-defined American business and made traditional gauges of equity-market value obsolete. Today, the game changer everyone’s buzzing about is political: Donald Trump and his bold plans to slash regulations, cut taxes and turbocharge economic growth with a trillion-dollar infrastructure boom.