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US economy at risk of rationally irrational exuberance

Believing that fundamentals don't always pin down asset prices isn't the same as believing they're irrelevant.

On Jan 23, just a few days before equities crashed, Nobel laureate Robert Shiller reminded anyone who cared to listen that the US had the world's priciest stock market.


THE timing was exquisitely ironic: equity markets peaked - and a week later began crashing - just as pundits left this year's World Economic Forum meeting in Davos, where they concluded that the global economy was on a steady upswing. In the weeks since, experts have divided into

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