Irrational Markets and the Illusion of Prosperity

"Irrational exuberance" -- the now-famous utterance of Alan Greenspan, referred to the seemingly unending upward spiral of the stock market. Of course, as every investor knows, the stock market plummeted after this comment was made, only to recover and exceed every known record over the next year. Nothing, it appears, could keep this market down: not inflation worries, concerns over the Asian economic crisis, lack of earnings in many companies, nor elevated stock prices. Nothing, it seems, could stop investors in their passion for bidding up prices of stocks, especially technology and telecommunications.But beware: Irrational Exuberance warns that Americans are living in an economic dreamland, and that the long bull market and low unemployment have made us immune to economic reality -- in short, we're in for a rude awakening. Based on extensive research, this provocative book is sobering reading for any current or would-be investor.