Blowing bubbles

As anyone who has ever been to East London knows, the favourite song at West Ham United Football Clu...

As anyone who has ever been to East London knows, the favourite song at West Ham United Football Club is "I'm forever blowing bubbles". Now, I doubt the Federal Reserve Chairman has ever heard of West Ham, let alone its song, but in delivering this week's testimony, he might as well have been wearing a claret and blue scarf. Barely has the dust settled on the equity market bubble of the late 1990s then another is springing up in the bond market - and in all probability yet another in the currency markets. Just as then, Greenspan is emerging as the champion of irrational expectations....