BTW I love that Greenspan today said... "my model was good" as long as you ignore the 40 year Credit Cycle. Basically he said, as long as you play the 30 year loose money cycle with my model it works.... Which is what makes it the cycle.
I've held for a long time that Greenspan never had any idea what he was doing, and just did "the road most traveled" Just like every other Fed, Give out free money till you can't anymore.
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