Anatomy of a Stock Market Bubble
Economics One-Pager Archive from Levy Economics Institute
According to Frank Veneroso, a broad subset of today's US stock market has become what he calls a "pure price-chasing bubble." Examination of the history of comparable pure price-chasing bubbles shows there has been a set of key causal factors that contributed to these rare market events. The most extreme such case was an over-the-counter market in Kuwait called the "Souk al-Manakh." This exemplar of a pure price-chasing phenomenon may shed light--albeit unflattering--on the current US equity market, Veneroso contends.
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