To: Oeconomicus who wrote (140000 ) 2/28/2002 11:18:05 AM From: Skeeter Bug Read Replies (1) | Respond to of 164684 >>AG's quote, as used, seems to imply that he agreed there was actually a financial bubble in the US markets in Sept '96. << imply? what does >>"I recognize that there is a stock market bubble problem at this point ."<< mean? "at this point" is the alan greenspan equivalent of bill clinton's "is?" and you support that? again... >>I agree with Governor Lindsey that this is a problem we should keep an eye on."<< well, i guess that depends on what you mean by "is," huh? ;-) in late 1996 alan spoke of irrational exhuberence. at the height of the bubble he constantly spoke being unable to recognize a bubble until it popped. so, what changed? i argue it was convenience. it's easy to keep the alcohol flowing at a party - after all, you don't *know* a partier will wrap their car around a tree that night, right? greenspan clearly enjoyed the *moment* at what i believe will be the greater expense of our future. rd, factor in that greenspan and his cronies double gdp growth (and productivity) numbers by manipulating the statistics and then spoke of a *new economy* w/o explaining that it was created by merely changing the calculation is downright low down, imho. tanstaafl is the first thing i learned in economics. the great alan greenspan apparently never atteneded that first class. imho, he did, but political, emotional, etc convenience led him to take the easy road at the moment and f* the medium to longer term. i can't stand manipulative b* and, imho, the facts bear out that is what he is. just recently he took out his comment about short term risk to the recovery. not b/c he didn't believe it, but b/c he didn't want others to believe he believed it. iow, the same old dog is up to the same old tricks.