Toiling Over Bubble Troubles
May 23, 2008
David Merkel submits:
There is a religious war aspect to what I will discuss this
morning. It surprises me, but there are many people who believe that
bubbles cannot exist, because economic players are rational in
aggregate. I question the latter assumption — anyone who follows the
equity markets understands the fads that sweep through the markets,
leading to a lot of disappointment later.
From one of my comments in the RealMoney Columnist Conversation:
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