He is experiencing Irrational Exuberance - a term originated by former Fed Chairman Allan Greenspan
and used as the title of a bestselling book by Nobel laureate Robert Schiller.
Exactly 21 years ago, in a speech delivered on 5 December 1996, then US Fed Chairman Allan Greenspan
used the term "irrational exuberance" to warn investors that the spectacular rally in stock prices during the period could potentially signal that global stock markets were overheating.
Exactly 21 years ago, in a speech delivered on December 5, 1996, then US Fed Chairman Allan Greenspan
used the term 'irrational exuberance' to warn investors that the spectacular rally in stock prices during the period could potentially signal that global stock markets were overheating.
With the Fed vouching that inflation now seems under control and that a "measured" pace of rate increases will be continued, the 10-year Treasury has settled down to roughly 4.25% perpetuating what Allan Greenspan
has called a "conundrum," the perplexing phenomenon where the Treasury has resiliently remained low despite rising rates.
During the years since the creation of the TC, Paul Volcker and Allan Greenspan
, both Trilateralists, have managed the nation's economic life as chairmen of the Federal Reserve.
We need a visionary for the nutraceuticals industry--think about what Bill Gates is to the computer industry or what Allan Greenspan
is to the financial industry.
Speaking in the wake of US Federal Reserve Chairman Allan Greenspan
's testimony to the US Congress, she urged close co-operation between Congress and the European Parliament "to find the right balance between the interests of the industry and the protection of investors, especially the non-professional investors who are looking to guarantee their income after retirement".
'S DESERTION of deficit reduction, which he later embarrassedly repudiated, reminds me of how those conservative Supreme Court justices deserted their states' rights and judicial restraint principles in the Florida vote case.
(Another impact on that day of trading was favorable comments from the usually cautious Federal Reserve Chairman, Allan Greenspan
, about an economic soft landing that the market interpreted as a cease-fire on the fight on inflation through interest rate hikes.)
But this forecast is contradicted by a June 1995 statement by US Federal Reserve Board chair Allan Greenspan
predicting that the economy could shrink marginally.
Just last fall, Fed Chairman Allan Greenspan
warned the banking industry that it remained an open question whether current loan standards were adequate.