Pat, I too agree with Thomas Scharf comment that Alan Greespan in his speech essentially tells us that yes " we had a great 7 years" , " but I believe that human nature remains the same " and thus " In summary, whether over the past five to seven years, what has been, without question, one of the best economic performances in our history is a harbinger of a new economy or just a hyped-up version of the old, will be answered only with the inexorable passage of time. And I suspect our grandchildren, and theirs, will be periodically debating whether they are in a new economy."
Alan, will wait until more pus is expelled from 3rd world economies before adding fuel ( US dollars; with interest rate cuts ) to the fire.
And this time there is nobody to rescue the profligate Banks: neither the IMF, nor slick Billy, nor the Democratic party, nor the often-duped but now-more-savvy-US-taxpayer, recently also known as " get- your-hands-out-of-my-wallet Joe ".
TA |
