Columbia University economist and Nobel laureate Joseph Stiglitz  tells Bloomberg News that he sees rough terrain ahead for the economy, and, potentially, the markets. Stiglitz says the next quarter or two may be good in terms of economic growth, but adds that over the longer term the economy doesn’t appear poised to grow enough to significantly reduce unemployment. He says that low interest rates and the weak economy have actually helped the market in recent months, and that there is a “very big risk that the markets have been irrationally exuberant”.

[youtube=http://www.youtube.com/watch?v=wJrLqTMK8f0]