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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ChrisJP who wrote (3918)	12/26/2003 3:55:36 PM
From: philv	Respond to of 110194

Entities and organizations do not exist in a vacuum. They are invented and headed by people. Greenspan is the highest monetary authority in our system, by default in the world. He was in a position to forsee the bubbles, not spin rationale for them. His leadership was and is a complete disaster imo. I think it was in 1996 that he uttered the words irrational exuberance.....just once, but failed to follow up. The DOW was at 6,000, and he never again warned even though it doubled again. Just like his previous statements about gold, debt and inflation, he was co-opted by his power, and his actions have since belied his words. If you can't blame the leadership, who do you blame? The taxi driver?