This is an interesting article from which compares the current rally to the 1930 "hope" rally which presaged a long decline in US stocks.
Haven't We Been to this Show Before?
Caveat; I am suspicious of anyone who uses phrases like "muse wondrously" in an otherwise serious article. PJ O'Rourke can get away with it; this guy can't. Also, the author is a banker, not a historian. His degree is in public policy, not economic history.
This article by Jeremy Grantham has a more cogent view of the current market environment:
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If you aren't already a subscriber, go to www.gmo.com/America/MyHome/, register, then access the article "Boring Fair Value" in the site Library. Published July 2009, but still relevant.
