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Greenspan: Rally not due to irrational exuberance
Former Federal Reserve Chairman Alan Greenspan told CNBC on Friday that stocks are still significantly undervalued and that Wall Street's record run isn't a result of "irrational exuberance" -- the term he used in a 1996 speech that subsequently came to characterize the tech bubble. "Irrational exuberance is the last term I would use," Greenspan said. The rally instead has been driven in part by the temporary removal of "tail risks," such as concerns over a euro-zone implosion as a result of the region's debt crisis. Greenspan said house prices appear to have bottomed but "have a good way to go" on the upside and ... (full story)