Remember former Federal Reserve Board Chairman Alan Greenspan's comments about the U.S. economy being swept up in "irrational exuberance"? He used the phrase in 1996 to describe the stock market boom that might have been overvalued.
To be frank, I thought he had coined the phrase in the 2000s to describe the stock market expansion of recent times. It's amazing how one economic expansion reminds me of another.
Having said that, I'm afraid this recovery won't be similar to ones in recent memory. Manufacturing has to deal with the ramifications as it relates to its own period of "exuberance" in building up manufacturing capacity. (more...)