Free Republic

Irrational Exuberance? We Are Now Below It . . . By Barry Ritholtz - March 2nd, 2009, 8:00PM On December 5, 1996, Alan Greenspan gave his famous Irrational Exuberance speech. At the time, the S&P500 was at 744.38. It blew through that number today, closing at 700. We’re still 350 points above the Dow’s closing price of 6,437.10; The Nasdaq is a stone’s throw (22 points) from its closing price of 1,300.12. In other words, the SPX is now lower than when Greenie gave his infamous speech 3 years ago, and the other indices are just above their levels when...

The Dow Jones Industrial Average took a run at another milestone, the first close over 14000. It fell short, but finished at yet another record high. Although the Dow rose 43.73 points, or 0.31%, to 13950.98, most stocks on both the New York Stock Exchange and the Nasdaq Stock Market declined. So did most major stock indexes.

Gold bugs' only problem on Monday was trying to find which of a myriad of bullish factors to pick to explain yet another move to fresh 25-year highs. The usual suspects -- inflation, geopolitical tensions, and a weak dollar -- were all present at the open of trading after a three-day weekend. Most visibly, crude oil topped $70 a barrel amid heightened concerns about Iran's nuclear ambitions. In recent action, crude was gaining 68 cents to trade at $70 a barrel. Gold for June delivery was recently up $13 at $613.80 an ounce, off an earlier 25-year high at $614.30....

Land in 1920s Florida was so hot, people sold underwater lots ORLANDO, Fla. -- Aug. 12, 2005 -- Gertrude Shelby asked her readers a question in a 1926 issue of Harper's magazine: "Did you ever keep chickens?" Ms. Shelby, a journalist, was using a metaphor to explain the rapid inflation of property prices in Florida. "Put down a pan full of big scraps, and the hens come running. The first ones grab big pieces and depart rapidly. ... The others see the pieces in the beaks, and instead of realizing there's plenty more in the pan, they chase the hens...

WASHINGTON (Reuters) - Striking a chord with uneasy U.S. property investors, T-shirtHumor.com's latest design -- "Mr. Housing Bubble" -- has become its best seller in less than a week. The parody of the decades-old Mr. Bubble bath foam package offers a "Free Balloon Mortgage Inside." But the smiling pink house-shaped bubble also warns: "If I pop, you're screwed." A disclaimer at the bottom reads, "Not affiliated with Mr. Internet Bubble." Anthony Phipps, T-shirtHumor.com communications director, said the Austin, Texas-based t-shirt design and marketing firm has sold hundreds of the $20 cotton shirts since they went on sale last week. He...

The tragedy of this unequal partnership By opting to join the American hard Right, Tony Blair has made the gravest mistake of his political life Will Hutton Sunday March 30, 2003 The Observer Will Hutton argues that, by opting to join the American hard Right, Tony Blair has made the gravest mistake of his political life, one from which he cannot recover. Blair's drawn face, with its deepening gullies set in a near permanent hard frown, tells the story. This is the internationalist who is aiding and abetting, however unintentionally, the break-up of the UN system. The pro-European who is...