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Greenspan: 'Irrational Exuberance' Last Phrase I Would Use Right Now

Friday, 15 Mar 2013 | 1:00 PM ET

The stock market is significantly undervalued by historical calculation, said Alan Greenspan, former chairman of the Federal Reserve. "The reason why the stock market has not been significantly higher is there are other factors compressing it lower. But irrational exuberance is the last term I would use to characterize what is going on at the moment."