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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Maurice Winn who wrote (50437)5/25/2004 9:12:17 AM
From: Tommaso  Read Replies (1) of 74559
 
>>>Yes, he did say that first.<<

What I said was, "He did not say that at first."

There is a difference between "at first" and "first."

Everyone knows that Greenspan coined that phrase, "irrational exuberance," in his notorious speech in 1996. But prior to that he had issued no warnings, only vaguely worded statements of approbation. And immediately after that he backed away and never did take any action (raising margin interest rates to damp speculation), but instead greatly increased the money supply and available credit to avert an imaginary crisis caused by the collapse of Long Term Capital Management and again by the supposed Y2K crisis.

I take it you were a believer in the Y2K crisis?
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