Despite the recent consumer confidence report that says that consumer confidence is at its highest level in the last decade, and despite the stock market indices reaching record levels on an almost daily basis, it appears that many may have forgotten Federal Reserve Board Chairman Alan Greenspan’s words in a speech on Dec. 5, 1996, when he stated “Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets, but how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?”
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