He's been right on more things than alot of so called economists views on asset valuations. The fact is he is basing his models on recent work on Minsky's Financial Instability Hypothesis (Minsky's being the father of the Financial Instability Hypothesis's developing his theory quite recently in the 1980's as a response growing need for Post-Keynesian theory). This theory is designed to explain instability as a result of the normal functioning of a capitalist economy. It is an alternative to the neoclassical synthesis.
Perhaps you should read up on his research instead of saying he bases his theories on "out of date books".
