Re: Two financial thought contagion papers now online

From: Scott Chase (
Date: Mon Feb 25 2002 - 03:18:05 GMT

  • Next message: Grant Callaghan: "Re: Two financial thought contagion papers now online"

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    From: "Scott Chase" <>
    Subject: Re: Two financial thought contagion papers now online
    Date: Sun, 24 Feb 2002 22:18:05 -0500
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    >From: <>
    >Subject: Re: Two financial thought contagion papers now online
    >Date: Sun, 24 Feb 2002 21:18:44 EST
    >In a message dated 2/22/2002 6:33:55 PM Central Standard Time, Grant
    >Callaghan <> writes:
    > > I remember that even the authoritarian advice of Alan Greenspan about
    > > "irrational exuberance" was laughed at not long before the bubble
    > > Someone even wrote a book making fun of his catch phrase. A few months
    > > later, it wasnt' funny anymore. But logic says the stock market only
    > > two things: it goes up and it goes down -- sequentially. It's a
    > > self-correcting mechanism that always over-corrects before it
    > > The past history of the market demonstrates this trend over and over
    > > the past hundred years. But irrational exuberance is stronger than
    > >
    > > that hope that beats eternal within the human breast takes on religious
    > > overtones of belief in the ponzi scheme of an over-subscribed market.
    > > most common term for it is "The Greater Fool" theory. This implies
    > >
    > > can always find a greater fool to sell inflated stocks to. Sounds a
    > > alike the mantra of the lottery ticket buyer: "You can't win if you
    > > buy a ticket."
    > >
    > > Grant
    >Hi Grant.
    >Actually, the book Irrational Exuberance is a serious and very well
    >done book, not meant as a joke. I think that some media people may
    >have joked about it, though. It has a chapter on contagions, too.
    >Also, Alan Greenspan started referring to "the contagion effect"
    >in reference to the Asian economic crisis in 1997.
    Is that the same Alan Greenspan who wrote the essays "Antitrust", "Gold and
    Economic Freedom", and "The Assault on Integrity" which were published in
    Ayn Rand's _Capitalism: the Unknown Ideal_? What's he up to these days ;-)

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