Irrational Exuberance: Are We in That Stage Again?

The transcript discusses Alan Greenspan's famous speech at the American Enterprise Institute, which introduced the term 'irrational exuberance' during the dot-com bubble era. The speech, buried in a lengthy historical context of the Federal Reserve, raised questions about identifying market bubbles. The transcript also compares past and present market conditions, noting higher valuations today. Despite bullish investor sentiment, the market's reaction to recent economic reports suggests a lack of irrational exuberance.

What historical context did Greenspan provide in his speech?

What challenges are associated with identifying asset bubbles according to Greenspan?