Property Grunt

Friday, June 24, 2005

Irrational Exuberance: The man behind the book

The term Irrational Exuberance has been used written and heard so many times it will probably be considered one of the great cliches associated with the real estate market of this period.

Robert J. Shiller, the man who coined the term Irrational Exuberance which is also the title of his book, is not exactly the most exuberant guy in the world.

Over some bar food, the Grunt and a compadre were dicussing the market and Shiller's book came up. My friend who is a Yalie refuses to read any of Shiller's work. Back in his Yalie days my friend had a class taught by Shiller who moaned that Shiller was the most boring professor he ever had and ended up dropping his class. We both agreed that the man is brilliant but just about as exciting as paint drying.

The Grunt isn't surprised by that assessemnt. As brilliant as he is, Mr. Shiller barely held his own against the panel of mortgage and real estate brokers on the CNBC special on the real estate bubble.