"On at least one level, one can blame the economists and efficient market theorists. These academic types are like bartenders who deny the existence of alcoholics. 'Rational economic man' is always and everywhere sober, these pointy-headed idiots say. And thus, if all market participants are sober, public drunkenness cannot exist in the marketplace... and thus all prices put forth by the market are rationally and soberly justified.
This moronic assertion, bolstered by layers of Ivy League credibility, encourages investors to ignore signs of mania (just as the barfly waves off friendly hints that perhaps he should call it a night). As the evening wears on, the drink becomes more and more intoxicating... but no one admits to being tipsy, let alone drunk as a skunk. Total inebriation ensues."
Justice Litle, Editorial Director, Taipan Publishing Group - 12/2/09
Drunk analogies must be getting popular:
http://randomroving.blogspot.com/2009/10/last-call-for-alcohol.html
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