Bubblenomics: The Financial Mess from an Investor Perspective

After reading literally scores of articles about the recent Wall Street crises, I recommend this one from today's Week in Review section of the New York Times.  Entitled simply Bubblenomics, I think it is the best I've read from both an overall and investor viewpoint.

Excerpt:

But dramatic though it was, the dot-com crash did not actually come close to erasing the excesses of the 1990s. Indeed, by some of the most meaningful measures, Wall Street after the crash looked a lot more like it was in a bubble than a bust.

The good news?  P/E ratios are how back to their historical average.  The bad?  Looking at the chart, they tend to sink right through the average before hitting bottom at about half that.