robert shiller on set with us now, about to ring the closing bell with barclays. thank you for joining us. >> my pleasure. >> i almost hesitate to ask. when we're talking about people doing real estate transactions in bitcoin, what's in your mind? >> i'll take bitcoin, too. because i know that i can sell it and get out of it there seems to be some strange enthusiasm for -- people get excited about things like new monetary standards you know, i -- remember buy -- >> i don't know. >> it was more than 100 -- everyone was talking about it for a while. >> so this --can bitcoin last how long forever? >> i think gold is a bubble, but it's always been a -- this -- it has some industrial use. i have it right here >> yes, so do we. >> but basically it's like a fad that's lasting thousands of years. don't know when it will -- gold has certain things going for it. it's easily portable it's identifiable. there was a good logical candidate. i don't see that bitcoin is so logical, but it certainly generates excitement >> you mentioned buy metal i want to quickly mention i saw th

workthe classic behavioral associated with robert shiller.is the co-author of one of the global bestsellers on behavioral economics called from 2008 but a lot of his work was used by the u.k. government. it's a time where you can actually see a lot of his work in concrete economics with politicians using it. tom: a lot more accessible than some of the nastiness we see. let me do a data check. futures are up again, the dow , the euro stronger and a little bit of a swirl today. 9.96 on the vix. it secured very evaluation on the doubt and the dollar-korean yuan is not moving. i'm looking at european stocks edging higher led by equities in spain after a week of mass demonstrations in catalonia in favor of spanish unity. also sterling has gained as the prime minister theresa may looks poised to reassert her leadership and the turkish lira is tumbling significantly. there are tensions with the u.s. right now, after an eventful weekend and who knows what monday will bring, kevin erilli is at the day care center in washington. that was strong languag

the gap between the green line in the pink line is the exuberance of robert shiller, who i saw down atexchange the other day. we are not there yet. but are we getting exuberant? are beginning to see within your portfolios and your ability to deploy capital, are we seeing the silliness of february of 2000? james: i worry that we will have that way, but i certainly don't think we are there yet. i take some comfort from janet yellen's comments in washington last weekend at the g 30 when she said it was perfectly reasonable to anticipate that investors were believing it would be stronger long-term growth and a secular depression of inflation. the so-called fed model still regards equities as cheap relative today. that those challenges to bond yields of what happens to long-term earnings growth. it will rise because of the nature of the global economy. on earnings growth, numbers are much market difficult. it was just under 10%. we know they got to around 12.5% just prior to the presidential election last year. we know now that they are 13.5%. apparentomes those numbers are to topic, the op

tom: what a joy yesterday to speak to robert shiller of the only university -- of yale university.ational exuberance. and then we have the models that really don't work. are you using the models now to search for schiller's exuberance? lisa: no, we are looking at the entire mosaic of all the data. tom: i agree. it's a mosaic could that's beautiful. . beautiful. can i steal it? continue. lisa: fundamentals are just too strong. we can talk about valuation all day long, but if we are in a lower for longer interest rate environment, higher p/e ratios are sustainable. we know that. the fact that we have pmis around the world and virtually every major region, we're above that 50 level marked and the trend is improving. good fundamentals and we have earnings revisions coming into this corridor that are just about to be reported. the expectations for the s&p 500 earnings growth is 4.5%. that is going to be nominal gdp growth this quarter in terms of global gdp growth, so we are going to be those numbers. when you have positive economics and positive earnings, that market will continue to g