Well, not so fast, considering the entire philosophy of the first economist I mentioned is that "irrational exuberance" doesn't exist and is exclusively used as

Well, not so fast, considering the entire philosophy of the first economist I mentioned is that "irrational exuberance" doesn't exist and is exclusively used as a way of judging other peoples actions for the purposes of social engineering. "I wouldn't have bought stupid beanie babies", or to the other reply to my comment "I wouldn't have bought drugs" and therefore if someone else did what you would not have, it is condemnable or irrational. I firmly disagree. That attitude is great for puritanical culture shaping, but really bad for just about everything else. You can believe bitcoin has no value, and that is _exactly as valid_ as me believing that it does.