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bubbles and panics, or rational responses?

At 06:14 PM 10/9/97 +0000, Oliver Kamm wrote:

> Consider what happened to the UK stock market when sterling left the
European >Exchange Rate Mechanism - not a bubble, but a rational response
to new >information.

Interpreting one price collapse as the result of a rational response to new
information doesn't mean that every collapse fits the mold, or that there
is no such thing as a price bubble.

Are you claiming that the Tokyo land bubble was a rational response to the
intrinsic value of Tokyo real estate?
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