An infamous phrase uttered by Alan Greenspan in 1996 to describe the overvalued market at the time.

Although every word spoken by Mr.Greenspan, former chairman of the Federal Reserve Board, is scrutinized, this phrase was even more so examined as market analysts tried to uncover any and all possible results. The phrase even became the title of a New York Times best-selling book by Robert Schiller.

On February 1, 2006, Ben Bernanke replaced Alan Greenspan as the Federal Reserve Board chairman.