"Irrational exuberance" is a phrase used by former Federal Reserve Board Chairman Alan Greenspan in a speech given during the stock market boom of the 1990s.
Greenspan's comment was made in December 1996 (emphasis added in excerpt):
The presence of the short comment—not repeated by Greenspan since—within a rather dry and complex speech would not normally have been so memorable; however, it was followed by immediate slumps in stock markets worldwide, provoking a strong reaction in financial circles and making its way into colloquial speech. Greenspan's comment was well remembered, although few heeded the "warning."
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