Irrational Exuberance??

January 14, 2011 Alan Greenspan coined the phrase “irrational exuberance” in 1996.  He was describing the behavior of the stock market which, at that time, was being pushed sharply higher by the dot-com bubble.  We are wondering if the same thing might be happening...

Capital Spending Recovery? Not This Year!

July 6, 2009  Two weeks ago this column suggested that the recovery, once it begins, would be characterized by modest growth, not a vigorous V-shaped recovery.  A major reason for that conclusion is that consumer spending in the quarters ahead should be subdued for a...

So What Will The Recovery Look Like? Anemic.

June 22, 2009  The economy, while still in recession, still seems to be on track for a recovery sometime around the end of the year.  The stock market continues to climb.  Consumers are feeling better and spending a bit more.  Businesses are laying off fewer people...