Is US now stuck with irrational pessimism?(USA)

The Christian Science Monitor | December 4, 2008| | Copyright

Byline: Ron Scherer Staff writer of The Christian Science Monitor

New York -- Twelve years ago tomorrow, Federal Reserve Board chairman Alan Greenspan famously chalked up the boom in stock markets to "irrational exuberance."

Now, with the US stuck in one of the worst bear markets in postwar history, the opposite seems to be true. Since Sept. 15, the Dow Jones Industrial Average has closed down more than 500 points on seven separate occasions. Two weeks ago, the averages were down nearly half from their peak. Brokers report thousands of Americans are closing ...

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