Shiller's herd behavior

It is in the chart, it is the herding of government that causes it.

Herd behaviour in asset markets: The role of monetary policy

This column introduces a new CEPR Policy Insight which throws light on the root causes of speculative fevers in asset markets and related financial booms and busts. It shows empirical evidence indicating that Shiller may have overlooked the role that lax monetary policy played in triggering financial bubbles in the 2000s by offering investors a perverse promise of ever-increasing asset prices.

How would Shiller have missed the obvious government cycles which cause rate cycles?  And we see that these cycles are part of a longer term monetary cycle. And the longer term cycles will be ties to the small state extinction cycle.

The stock market acts as a temporary bank when the central bank goes into government bailout mode.  We are fully into government bailout mode at the moment.