From rad at gte.net Mon Apr 5 19:45:52 1999
Besides, the last time I looked, scarcity was a "rational
[economic] reason" for the price of a good to be high.
California real estate is far more plentiful than stock.
Anyway, thanks for bringing us back on (my) track. Supply and demand is what fuels this market: supply is falling while demand is rising. Until those change, I see no medium-term trend other than up.
This started with Doug saying that I think "it's different this time" and while I'll grant that metaphors can get you in trouble when you're trying to make a clear point, I'll just stick to this: I don't see the US stock market as being a bubble, let alone one that's likely to burst anytime soon.
/jordan