"Irrational exuberance" is a phrase used by the then-Federal Reserve Board Chairman, Alan Greenspan, in a speech given at the American Enterprise Institute during the Dot-com bubble of the 1990s. The phrase was interpreted as a warning that the market might be somewhat overvalued.
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Famous quotes containing the words irrational and/or exuberance:
“It is clear that all verbal structures with meaning are verbal imitations of that elusive psychological and physiological process known as thought, a process stumbling through emotional entanglements, sudden irrational convictions, involuntary gleams of insight, rationalized prejudices, and blocks of panic and inertia, finally to reach a completely incommunicable intuition.”
—Northrop Frye (b. 1912)
“Are sailors, frequenters of fiddlers’ greens, without vices? No; but less often than with landsmen do their vices, so called, partake of crookedness of heart, seeming less to proceed from viciousness than exuberance of vitality after long constraint: frank manifestations in accordance with natural law.”
—Herman Melville (1819–1891)