Alan Greenspan used the phrase ‘‘irrational exuberance’’ to describe the fever that overwhelmed equity markets before the dotcom collapse.
It’s an age-old pattern going back to the Dutch tulip mania of the 1630s, to the South Sea bubble that burst on the British market in the 1720s, and to land speculation using borrowed money in the United States which eventually spread to equity markets and precipitated the meltdown which started on...
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