I'm a plain soap kind of guy.

How do we know when irrational exuberance has unduly escalated asset values?

There is no evidence that the business cycle has been repealed.

Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I'm only half joking

The process of innovation is, of course, never ending.

But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?

Excessive optimism sows the seeds of its own reversal.