Even As Small as a Blurt

S. explained "irrational exuberance" in the context it was coined. i want to talk about irrational exuberance in our daily lives, where it's actually, i would argue, a good and necessary thing! because sometimes you have to let yourself be excited and optimistic even though things are, from an objective perspective, pretty shitty or full of risk. as humans we negotiate risk and shittiness every day, and if we waited for a rational time to be exuberant, it might never come. there is not a way to live risk-free, in other words. and unlike the way our federal systems should approach the national economy, the way we approach our lives has to be embracing of risk, of failing and bruising, of crashing and getting mud on our faces, hands and knees.

lauren berlant talks about irrational exuberance in terms of sex in her essay "Starved":

"I can tell you one thing about it: exuberance is irrational...it makes one wonder what burden of fear the word irrational betrays: it implies a preference for sensible risk, risk that does not impose itself on the senses as a threat to a comfortable rhythm of the subject in the event. Irrational exuberance is what sex requires, although the scale of the event might be as small as a blurt."

She goes on later to say, basically, that sex is chaotic and disorganizing and if we go through life fearing chaos and disorganization, we close ourselves off from experiences because of fear of brokenness, of confusion, of messiness. This is part of what makes sex so connected to shame in our culture, the fear of making a huge mistake. Of not being "whole" as a person, defined by solid and immovable positions; we don't like to think of ourselves, our sexuality or selves as sexual beings, as in flux. We are much more comfortable with the ideas of stability and simplicity.

Berlant is speaking through theoretical terms, but I think they are still applicable to the everyday, and it definitely speaks to me because I struggle with this all the time. To live with irrational exuberance is a goal I have to remind myself of almost daily. Because it is scary, but important. As they say in Strictly Ballroom, "A life lived in fear is a life half-lived."

Irrational Exuberance

This post is to examine the meaning and idea of irrational exuberance, a term first used by Alan Greenspan in a speech regarding the state of the U.S. market in the late 1990s (1996 was when the speech was delivered). To be honest, I’ve had a difficult time trying to understand what was meant and what this means, and most importantly why it exists. So, I’m going to break it down:

Wikipedia provides the following under the definition of irrational:

“Factors which affect rational behavior include:

• stress, which in turn may be emotional or physical
• the introduction of a new or unique situation
• intoxication
• peers who convey irrational thoughts as necessary idiosyncrasy for social acceptance”

Now exuberance, or definitions of exuberant (from Dictionary.com) (since it’s hard to find a decent definition of exuberance- COME ON MERRIAM-WEBSTER!):

• “effusively and almost uninhibitedly enthusiastic; lavishly abundant
• abounding in vitality; extremely joyful and vigorous.
• extremely good; overflowing; plentiful
• profuse in growth or production; luxuriant; superabundant”

So, why the economy is fucked right now:

Because of stress to make money for corporations/stock-holders/themselves, the introduction of sneaky ways to make money (sub-prime loans, derivatives, and other financial words and ideas I do not understand- and the ones I do are thanks to “This American Life”), the intoxication of greed, and the normalcy of class division and financial abuse of Americans, we find ourselves fucked. Irrational exuberance is the lack or reason in financial institutions who act in attempt to create a false world of limitless money and resources for their (the rich) and only their use for profit and gain.