In 1996, Fed Chairman Alan Greenspan coined the term “irrational exuberance” to describe what he felt was unjustified speculation in the stock market as the S&P 500 rose past 744. Now, 12 years later, the S&P500 has moved past 744 again, this time on the way down in what may be another case of irrational markets. Do we now have “irrational pessimism”? Read more…

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