The term “irrational exuberance” derives from words that Alan Greenspan, then chairman of the Federal Reserve used in a black-tie dinner speech in 1996. Fourteen pages into this speech, he posed a rhetorical question: “But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions ……………………..?”

Immediately after he said this, stock markets worldwide tumbled in value. 

The term irrational exuberance became Greenspan’s most famous quote, out of all the millions of words he had uttered publicly and the term is now often used to describe a heightened state of speculative fever. I have chosen this phrase as the title for my post because many people will know instantly from this title what this post will be about. (more…)

Regular readers of my blog will know that I am a big fan of George Orwell.  He shared many of my ideas about the world in general and I think said everything worth saying about the ‘pub’ in his essay, The Moon under Water first published in the Evening Standard, in 1946.

Orwell wrote.

“Many as are the virtues of the Moon under Water, I think that the garden is its best feature, because it allows whole families to go there instead of Mum having to stay at home and mind the baby while Dad goes out alone.

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I’ve had a busy time of it the last few weeks with the Group Auditors down from London, finalising and filing accounts etc, so I was glad to get out of the office the other day, even if it was on business, to my beloved Lake District, mind, only for a few hours.

On the way back and in need of sustenance I called at a super little pub, chosen from the Good Beer Guide,  The White Hart, Bouth. As soon as I walked in I knew it was a good real ale pub, however I was too late for lunch. I think I recall four hand pulls all with interesting beers on and an enthusiastic landlord running it and well worth a visit, but no food for me.

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