We hope that the treasurer of New York University keeps quiet about alumni to be proud of when attending meetings of finance chiefs of US universities. Alan Greenspan, head of the US Federal Reserve, has been warning for some time of the "irrational exuberance" of the US stock market, and had the pleasure this week of watching everyone else there agree with him, along with their colleagues in London, Hong Kong and elsewhere. NYU has no excuses - Greenspan did his BS there in 1948, MA in 1950 and, after a short pause to build up his own net worth, his PhD in 1977.