20 years already? Alan Greenspan and the ‘irrational exuberance’ flop
December 05, 2016 at 12:26 PM EST
Describing stock gains as “irrational exuberance,” Alan Greenspan tried to deflate extraordinary market levels in a speech delivered 20 years ago Monday. Market reaction wasn’t what the Fed chief expected. Other than a knee-jerk reaction, stocks continued to climb into the dot-com bust a few years later.