Now is not the time for irrational exuberance

Leader

The phrase ‘irrational exuberance' has become as ingrained in the folklore of financial markets in t...

The phrase ‘irrational exuberance' has become as ingrained in the folklore of financial markets in the roaring 90s as ‘greed is good' became in the 80s. But while Gordon Gecko's expression of greed was never taken out of context, the same can not be said for the comments that will become the financial epitaph for Fed chairman Alan Greenspan. Greenspan's comments have become synonymous with the tech bubble that burst in 2000, probably because Stephen Schiller produced his book of the same title that year. If nothing else, Schiller's book was more of a reliable indicator of the top of a mark...