A lot of air has come out of the Internet stocks, but we have to put it into perspective, some of these stocks are up 1,500 percent or so in the matter of a couple of years. I think there is more downside.
In the past Greenspan has implied market valuations are OK. as long as earnings growth is sustained. But there's a lot of concern valuations are too high?and now we've had a couple of earnings warnings.