> This time around...there's actually NOT a lot of exuberance. I'd argue that you're scoping exuberance only to consumers. If you define exuberance a bit more

> This time around...there's actually NOT a lot of exuberance. I'd argue that you're scoping exuberance only to consumers. If you define exuberance a bit more broadly, there's lots of irrational behavior in corporate debt right now. This could be a result of super low interest rates and unchanged expectations from fund managers, but it's less obvious than homeowners buying a third and fourth house because they can. Corporate debt might not seem to be able to topple an entire economy, but we don't really know how widespread those ripples could go. If corporate debt dries up, businesses stop expanding and jobs could be at risk.