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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (66937)8/28/1999 9:03:00 PM
From: Tommaso  Read Replies (3) of 132070
 
Greenspan is saying that bubbles can only be identified in retrospect.

So when it pops, he'll say it was a bubble.

That reminds me of my (then) brother-in-law who said, after Nixon resigned, "it's the fault of all of us." I said, "The hell it is. I wasn't my fault. I knew what he was."

I say the same about this prospective retrospective bubble. Anyone who is so stupid as not to see it for what it is will be so identified in the history books, and a bunch of us right here may get into some future economic historian's footnote as those who did see it.
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