Irrational Exuberance Is Like Deficit Spending, Only Worse
I have been a journalist for my entire working life. But I changed the subject that I cover about halfway through my career. The first half was spent covering budget and tax legislation. The second half was spent writing about stock investing. On the surface, these seem to be two very different subjects. The reality is that in important respects they are similar. The reason why I tired of writing about budget bills is that it came to seem a futile endeavor. The purpose of explaining to people what is going on in budget negotiations is to help them understand the issues better so that the polic...