Stiglitz says market rally shows irrational exuberance

10/6/2009 | Bloomberg

Policymakers should focus on rising unemployment, said Noble Prize-winning economist Joseph Stiglitz, and investors are unduly excited about the economic recovery. "There's a lot of risk going ahead of some big bumps," he said. "There's a very big risk that markets have been irrationally exuberant." Nouriel Roubini, a professor at New York University, and billionaire George Soros also warned about the rally in the stock market compared with the economic recovery.

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