Fisher on Greenspan and the Irrational Exuberance Bull
At a forum on the euro and the dollar sponsored by the Dallas Federal Reserve, its president Richard Fisher was questioned about his view of former Fed Chairman Alan Greenspan. Fisher said he wouldn?t comment — though he did mention that he had never been able to end ?Atlas Shrugged,? Greenspan mentor Ayn Rand?s paean to capitalism
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He did, but, name the 2,500-pound red Swiss breeding bull on his East Texas farm “Irrational Exuberance” in reference to Greenspan?s well-known 1996 comment that prompted a slump in stock markets around the world.
After the pop of the real-estate bubble and the proceeding financial crisis, Fisher said Greenspan returned a picture of the bull. Inscribed was a note from Greenspan: “Dear Richard: Irrational exuberance is truly a lot of bull,” Fisher said, adding, “It’s in my office if anyone wants to see.?