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GameStop store in St. Louis
Photo: Jeff Roberson / dpa
25 years ago, the then US Federal Reserve Chairman Alan Greenspan made a statement that still enjoys cult status today.
With a view to low inflation rates and sharply rising share prices, Greenspan spoke of the "irrational exuberance" that is making itself felt on the stock markets.
The capital market, Greenspan insinuated, threatens to lose contact with economic reality if companies are valued at a multiple of what they are actually worth.
Greenspan's bon mot is fetched from the Schubalde at regular intervals: in 2000, at the height of the dot-com speculative bubble;
2007, before the big crash that tore first the banks and then the world economy into the abyss.
What is currently going on around the shares of the US computer game retailer GameStop also deserves the title of "irrational exuberance".
The starting point: GameStop's business prospects are rather bleak due to the pandemic.
The branches in shopping centers are either closed or deserted.
Anyone who wants to gamble on the computer can order the relevant games online and have them delivered to their home.
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