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…)

I have a cold and sore throat. It hit late Friday and has made me feel a bit off, by no means ill; just lethargic. Also like the rest of the country; the ground here on the Fylde Coast is frozen, including rugby pitches, which means no match for ‘The Fylde Express’, that’s Alex my 11 year old son, at his school, Kirkham Grammar   

What all the above means is that I had a free Saturday at home; the first for ages, as not feeling well enough to venture out properly or work and with no Dad’s taxi service required I have been able to catch up with the papers and news.

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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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