Neil Irwin writes “Should Janet Yellen Be Giving Us Stock Picks?” Read all Neil’s post at the Upshot blog here.

Eighteen years ago, when Alan Greenspan wanted to send a message that he worried the stock market was getting a little bubbly, he did it with a typically inscrutable phrasing buried in an otherwise unremarkable speech.

“How do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions,” Mr. Greenspan, the Federal Reserve chairman, mused in 1996, and the next morning the stock market sold off ferociously on the mere hint of his concern.

How things change. [NYTimes.com]


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