Greenspan, Rubin & Co - the Most Irresponsible Team Ever?? Message Board

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Non-Tech : Greenspan, Rubin & Co - the Most Irresponsible Team Ever??

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To: yard_man who wrote (147)	2/24/1999 8:03:00 PM
From: Giordano Bruno	Read Replies (1) of 309

Excerpt from Greenspan / N. Y. Times interview... If any stock market . . . falls by 30 or 40 percent in a matter of weeks or a very few months I will grant that there was a bubble back there. The issue of trying to identify a bubble in advance means you have to be confident enough to predict a decline of that order of magnitude, and I don't know anyone who knows how to do that. . . . Clearly no one has questioned at all that the dramatic acceleration we've seen in some technologies, and the marked increase in productivity and profitability of American business, has undoubtedly had a significant impact on underlying prices of all capital assets, including equities. Whether or not it's gripped by irrational exuberance is an issue that you won't really know for sure, except after the fact. But as I indicate in my prepared remarks, that I suspect that these markets are highly valued, leaves me without terribly much doubt at this point.

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