Is the Stock Market Getting Bubbly?

Washington Post columnist Steve Pearlstein argues it is, taking issue with fellow columnist Barry Ritholtz who says it isn't. I'm going to come down in the middle here.

The market is somewhat above its historic levels relative to trend earnings. Pearlstein cites Shiller who puts the price to earnings ratio at 25 to 1, compared to a historic average of 16. (Pearlstein seems to place a lot of faith in Shiller who he tells us got a Nobel for his knack for spotting bubbles. Shiller may have gotte...