The oil market's recent frothiness is eerily reminiscent of the irrational exuberance in the late-1990s stock market.

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But many blame the current frothiness of the housing market, particularly in dense coastal areas, on this policy.

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He fears frothiness and bubbles, but believes tapering right now would have nefarious effects, possibly tipping the economy back into recession.

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Maybe Chung Mong-koo was just showing good old-fashioned restraint in the face of some frothiness from the rest of the industry (just who is going to buy all those cars?) but it was a reminder that Koreans, with their won currency appreciating again, are dependent on the health of export markets and not all is well around the globe.

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