The Corner

Irrational Exuberance

is now the name of the AEI softball team, and has been ever since Alan Greenspan used the phrase at the AEI annual dinner. But John Miller misses the real story on how the phrase became famous. As it happens, I got my sister Mary Ann a guest ticket for the occasion at the last minute, and the only seat available was at the financial press table. The press had early copies of the talk and were looking in despair for something to quote. One complained, “This is the most boring and unquotable speech I ever read…” My sister, typically of her, said: “Oh, I don’t think so! Look at this, I think it’s exciting,” and she pointed out the magic phrase. One of the reporters, I think it was Reuters, said something like “Omigod!”, kicked over his chair on the way to a telephone, and put it on the wires. … I have been careful in inviting my sister to the dinner ever since.


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