We're Witnessing Irrational Exuberance, 2017 Style

Looking from the outside in, shares of Pets.com circa 1999 or a McMansion in Phoenix circa 2007 seem like terrible ideas. But in the heat of the moment, with emotions like greed and envy in full swing, the ebullience seems justified. I've seen close friends and family members get sucked in, refusing to acknowledge hard facts. Only later, with the fever broken and capital lost forever, does the 20/20 clarity of hindsight reveal the absurdities.