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Transcripts may explain Greenspan's nervousness

January 9, 2004

Jay Hancock in the  Baltimore Sun

 

Dear Mr. Greenspan:

As your personal coach I must tell you: You're getting whiny. I know, I know. You're still angry that people blame you for the 1990s bubble and the 2000-2002 stock crash. Get over it. Or at least do a better job of hiding it. We've heard your excuses - what? - three, four times. And they're pretty good excuses. But you're repeating yourself, Mr. Chairman. We know you were focused on inflation, not stock bubbles. We know you don't think bubbles can be identified until after they pop. We know you'd rather mop up post-bubble trouble than try to prevent it and perhaps trigger a premature recession. We're not dumb, Mr. Chairman. The first couple of times you told us, we got it. But there you were again Saturday, justifying the ways of Greenspan to man. MORE

 

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