Edward Chancellor: Looking for Bubbles Part Two: A Sentimental Approach

Looking for Bubbles Part Two: A Sentimental Approach
Edward Chancellor

“It is important for the Fed, as hard as it is, to try to detect asset bubbles when they are forming,” Janet Yellen, the Fed’s prospective new boss, told the Senate Banking Committee last November. At the time, and later when she reappeared before the same committee in late February, Yellen did not see speculative “excesses [as] having developed at this point.” To justify this claim, Yellen suggested back in November that U.S. stocks weren’t particularly expensive relative to analysts’ estimates of future earnings – a notoriously unreliable . . .

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