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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ChrisJP who wrote (3864)12/25/2003 12:48:31 PM
From: mishedlo   of 110194
 
So give him a break. He's not the problem. Greedy stupid businessmen/bankers and the "buy now pay later -- or never" public are. Osama bin Laden has also cost us a few hundred billion buck too.

Chris

Call me an 88% idiot
Greenspan might not have been abe to STOP the madness but he made it worse at every turn.

Preaching against irrational exhuberance in 1995 or whatever he did nothing to slow it down by raising interest rates early. Worse yet his solution to EVERY MFing problem was to throw money at it. From LTCM to Y2K to bubble prop jobs, to recession fighting madness.

He also started to believe in the productivity miracle and thought the boom could go on forever right at the peak. He got sucked 100% into the madness right at the top.

This man has done nothing but throw $ at every problem that ever existed, in spite of the fact that throwing $ around like they were pennies is exactly waht caused the problem.

Now we have an idiot that thinks the cure for too loose monetary policy is even looser monetary policy. Well right now, the path is set. It is clearly "inflate or die" and that is one huge point that Russ and I agree on I bet.

The difference is that I think all Greenspan did was make things worse and "inflate or die" dies on the vine in 2004 or 2005. Deflation here we come as all that excess debt gets wiped out.

Mish
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