Friday, March 15, 2013

No 'Irrational Exuberance' in Stocks Now: Greenspan

Alan Greenspan, former Federal Reserve chairman, explained why he believes the markets are "significantly undervalued," and provides his outlook on the economy. Although blue-chip stocks are hitting all-time high after all-time high, former Fed Chairman Alan Greenspan told CNBC Friday that "irrational exuberance" is the last term he'd use to describe today's market.

Greenspan said in a "Squawk Box" interview that stocks by historical standards are "significantly undervalued" even considering the recent moves higher. He added that the payroll tax increase didn't dent spending because of rising asset prices....

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