The financial markets continue to soar and share prices are hitting undreamed-of heights. And in the process, more and more Americans are exposing their pensions and life savings in the stock market.
But is what’s happening on Wall Street sustainable? Or is it, as Federal Reserve Chairman Alan Greenspan said recently, irrational exuberance?
• Doug Henwood, the editor of Left Business Observer, a monthly financial newsletter, and the author of the new book Wall Street: How It Works and For Whom.