[expat_panama]

From the speech:

• The price-to-earnings, or P/E, ratio for stocks was among the highest decile of reported values since 1881;
• The market capitalization of U.S. stocks as a fraction of our economic output was at its highest since the record set in 2000;

Here are the PE ratios (along w/ dividend yields) for the S&P 500 from Princeton---

---and here's the total U.S. market cap divided by total US corp profits:

IMHO the numbers just don't support Fisher's claims. FWIW, the phrase "irrational exuberance" is how Sir Alan described stocks in the mid-'90's.   When the dot-com bubble finally did come up a half decade later, his big worry by then was (I swear I'm not making this up) Y2K!!

[Lurkina.n.Learnin]

Be nice to Greenspan he was blameless in any of the financial turmoil that ensued. He said so.

[Wyatt's Torch]

I skimmed the speech to see if he was referring to conditions in 2007-2008 because those comments have no bearing on the market today. I love Fisher but I just don’t see it at all.