Just got off the phone with Jeff Frankel Harvard economist and former White House adviser. We talked about the various financial indicators that measure what you could call fear in the marketplace. (See previous post.)
Frankel made an interesting point: The problem is not excess fear now.
It's that we didn't have enough BEFORE.
"It was as if people thought there was no risk in the world at all," he said. "I thought at the time it was nuts."
Here's his blog.