robert shiller, the laureate from yale university.holland of holland and company, who's seen every shade of narrative in the history of wall street. you and i were talking nifty fifty in our youth as well, stocks with huge multiples. the key thing to professor shiller's wonderful new book is this belief it will never end. trees grow to the sky, don't they? >> i don't think so. they probably stop at some point, tom, as it did in the 1970's when we had similar distortions in the capital markets. when people said it's going to go on forever and the bigger fool is the one who sells his stock, which is 50 times earnings, you were talking about toothpaste companies before selling at 30 times earnings, as we had crazy prices back then, we have crazy prices now, they're not going to go to the sky. we've had both -- i was looking -- we've had slack and zoom just crushed by the market. but they're sell -- i couldn't believe it -- zoom is at 36 times revenue. slack is at 23 times revenue. tom: did you have shares in the uber i.p.o.? [laughter] >

robert shiller, professor at yale university. let's see how markets are trading this morning let's take you to a picture of european stocks right now. almost all of the heat map is trading in at the red this morning. i'd say about 70% in negative territory and of course we have two major focuses in europe. we have number one at the return of the u.k. parliament from summer recess and are set to go head to head versus the u.k. government we also have a vote taking place in italy within the five star membership so keep an eye on that trading down about .4%. ftse 100 is the actual relative out performer and that's because it's dropped below that 120 level as we were just talking about. very export oriented so the weaker cone benefits the index one of the reasons it's holding up but if you look at the individual sectors there, home builders, travel, banks are also right at the bottom of the index. it's about .5% and then ftse mib, big day for italy today. all eyes on how the five star membership party vote goes ahead. the results wil

robert shiller, thank you so much. it's been an honor and a privilege to have ou tyou on th show today. we really do appreciate it. >> thank you. ashley: all right. we are near session highs. let's take a look at the dow, up 179, 180 points. about 15 minutes to go until the close. can we hang on? can we build on this? the federal trade commission showing no love for match.com. shares down on a new lawsuit accusing the tinder parent of using fake love interest ads in order to trick customers into signing up full paid match.com subscriptions. match denies the accusations saying it plans to quote, vigorously defend itself against the claims. the stock down 2% at this hour. match group not the only big brand feeling the sting of rejection. up next, why plant-based protein maker beyond meat is getting uprooted to its lowest level in three months. "the claman countdown" will be right back. oh, wow. you two are going to have such a great trip. thanks to you, we will. this is why voya helps reach today's goals... ...all while

>> bob, good to see you in person thank you, sir robert shiller, yale university economics professor,nder of the case-shiller index and author of "narrative economics: how stories go viral and drive major economic events. the book will be released on october the 1st. and that wraps up this hour for you. see you right back here tomorrow at 1:00 p.m. eastern with stephanie ruhle then again at 3:00 p.m. eastern. watch or listen to the show on sirius xm radio. tune in msnbc.com/now. the msnbc app and apple tv. as always, find me on twitter, instagram, snapchat, linkedin. thursday and friday, chris hayes and i are going to be in washington with the presidential candidates talking about climate. thank you for watching "deadline: white house" with nicolle wallace begins right now. >>> hi, everyone it's 4:00 in washington, d.c., where a few miles from here, the president's first campaign manager is on capitol hill preening for an audience of one. corey lewandowski in front of the house judiciary committee, its investigation into whether the president should be impeached. lewandowski may as we

shiller index. very topical given our are we doon with you a pullback in prices, given what we see on the index? roberttion. the housing market is much more forecast double then our stock markets. is on a lock,et but the housing market is not a runway. momentum is a much stronger factor in the housing market. ourwe see the bottom of markets since the financial crisis was 2012. at first, when the market went up, it was stunning. over 10% a year appreciation. it has been gradually declining and now it's more like 3%. in real terms, it's getting close to zero. you can extrapolate this and it would suggest declining home prices in the near future. but i think it is hard to really forecast at this present time that the nation is going through a polarization crisis, much like in britain. would not be at all surprised if home prices started falling and credit companies were accompanied by a recession. matt: we could see possibly negative growth there. certainly negative real growth. you will stick with us, we have one more block with you and really appreciate your time. robert, sterling professor of economics