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ezra klein, let's see your smiling face. steve rattner talks about how barack obama has been so good for wall street. >> i think this can go -- the stock market is great and i'm happy it's gone up. obama came in at the bottom of the recession and had a tough time after that. but i think that stock market will be drive main street well and i am not arguing what steve is saying here. it's incredibly important the stock market is getting better but stock market wealth is more disconnected from main street wealth from other times in this nation's history so i won't look at that. that can make a small sliver of people very rich without necessarily helping median wages in the way we would like it to. >> i'm glad you asked. >> i am. he is exactly right. there is this disconnect between wall street and main street. >> absolutely. we have talked about it endlessly on this show and the rising stock market fuels more
of a disconnect between wall street and main street. all i was asked to do is come on here and explain what has gone on so maybe i'll do that, okay? >> go for it. >> my point is the u.s. outperformed the rest of the world in our stock market performance. this next chart will set ezra off into another explanation is just for curiosity. it happens the stock market performance under obama is higher than under any president going back past herbert hoover. 18% per year growth in the stock market and second highest in the stock market is bill clinton. a historical anecdote, not trying to make a partisan comment. >> right. >> the last question is so is the stock market overbought, is it too high? too valued and time to go in? 100 a share testla, could be cheap. could you buy facebook at 24. >> the way we look at the smarkt
is based on price to earnings ratio how it trades in relation to the earnings of the company and goes back to the dotcom boom. you can see during the twine crash it got town to ten times earnings. right now sitting at 16.2 which is below its long-term historic average so you can't sit here today saying it's not 199, we are about to crash and you can't say it's 2008, we should all go pile in. the stock market is sort of in a middle position. >> i know you understand because you're a smart guy how annoying it is to be sitting at home here without having had a pay raise in seven years and looking at these stock market. >> i totally get it. this is the disconnect between main street and wall street. >> it's the most graphic illustration really of how