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Five years ago, Paul Krugman wrote:

The big rise in the stock market is definitely telling us something. Bulls think it says the economy is about to take off. But I think it's a sign that America is still blowing bubbles — that a three-year bear market and the biggest corporate scandals in history haven't cured investors of irrational exuberance yet.

And.

In short, the current surge in stocks looks like another bubble, one that will eventually burst.

Well, there was one stock that was in a bubble.

Krugman lied. Profits died.

Posted by edelfenbein at June 19, 2008 2:48 PM