Irrational Markets?

Markets are not perfect, but not "irrational." Political processes, however, have deep sources of irrationality.

The Wall Street Journal obituary of Alan Greenspan states, as if it goes without saying (“Alan Greenspan, Influential Fed Chairman Whose Legacy Was Dimmed by the Financial Crisis, Dies at 100,” June 2, 2026):

“Yet a greater sensitivity to the irrationality of free markets and the dangerous cycles of finance could have led Greenspan to better respond to the hazards brewing in the 2000s.”