Irrational exuberance Pink also used the phrase in 2009 in his book "" in the chapter discussing how extrinsic motivation can encourage short-term thinking at the cost of long-term health: "This is the nature of economic bubbles: What seems to be irrational exuberance is ultimately a bad case of extrinsically motivated myopia". Irrational exuberance "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 overvalued. Greenspan's comment was made during
The Story of the Youth Who Went Forth to Learn What Fear Was their wedding, the boy's continuing complaints annoyed his wife to no end. Reaching her wits' end, she sent for a bucketful of stream water, complete with gudgeons. She tossed the freezing water onto her husband while he was asleep. As he awoke, shuddering, he exclaimed that while he had finally learned to shudder, he still did not know what true fear was. The fairy tale is based on a tale from the German state of Mecklenburg and one from Zwehrn in Hesse, probably from Dorothea Viehmann, as told by Ferdinand Siebert from the area of the Schwalm. In the first