Do it again, Ben
– March 14 (Bloomberg) — Before Ben Bernanke shovels more cash into the U.S.’s money trap, he should read “Greenspan’s Bubbles,'’ a damning account of how his predecessor inflated two asset bubbles that mutated into $11 trillion in home mortgage debt.
The author is William A. Fleckenstein, the shaggy-haired president of Fleckenstein Capital Inc. in Seattle. He sets out to deflate Alan Greenspan’s reputation by parsing Greenspan’s own comments during his tenure as chairman of the U.S. Federal Reserve. His conclusion?
“Greenspan bailed out the world’s largest equity bubble with the world’s largest real-estate bubble,'’ he writes. “That combination easily equates to the biggest orgy of speculation and debt creation the United States (and the world) has ever seen.'’ –
http://www.bloomberg.com/apps/news?pid=20601088&sid=afBb7ceD8uDk&refer=culture
Comment: It seems that Ben Bernanke and his team are out to complete Greenspan’s work of destruction. The debate is still open whether by hybris, ignorance, incompetence or intent.Â
posted by Antony Mueller