“irrational depression”

From Logophilia, today’s coined-word of the day (or, coined phrase, in this case) is “irrational depression”:

Investors have coined a new phrase for the relentless declines: “irrational depression,” a play on the famous phrase “irrational exuberance” uttered by Federal Reserve Chairman Alan Greenspan to describe the stock-market surge of the late 1990s.

“Whereas two years ago, it was get me in at any price, now it's get me out at any price,” said Alfred Goldman, chief market strategist at A.G. Edwards & Sons Inc. in St. Louis. “Unfortunately, investors are thinking with their emotions and not their minds.”
— Amen Sachdev, “Dow slides below 8,000 to ’98 level,” Chicago Tribune, July 23, 2002

Hmm, yeah, I can relate to that one :-/.

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