Terrence,
I fear your statement that a normal recession is no longer a possibility, is all too accurate.
When we slow, and all the glowing, fearless projections are shown (and thus it ever was.....) to be ludicrous, there will be no way to unwind in an orderly manner.
The problem with overly long, uncorrected cycles.
That's why the Fed (with the tacit agreement, if not outright blessing or approval of former administrations) previously slowed the economy cyclically using interest rates and liquidity measures it controls.
Speaking, of course, of the Presidential, 3 1/2 to 4 year, or "business" cycle, whichever one prefers to call it.
While it used the interest rate card in 1994, this Greenspan Fed kept liquidity at levels that kept us from having the necessary cooling of speculative activity.
Knowing as we do that Alan knows better, makes it especially difficult to understand why he did it.
Maybe Clinton has something on him.
I do suspect we will all pay for it if he was somehow indiscreet.
Good to see you posting.
Dwight (Picturing him in a strapless evening gown at J. Edgar's)
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