http://dealbook.blogs.nytimes.com/2009/02/12/greenspan-says-...Apparently nobody knew there was a ticking time bomb (except all the people who were issuing warnings and had been since derivatives of derivatives of derivatives were invented. Just because no one listened to Cassandra doesn't mean she wasn't right and nobody knew. (And the people who did know were not cranks, just not people saying what Greenspan wanted to be told).
I still think Greenspan would have tried to arrange a soft landing (by promptly cutting interest rates) and jawboning down "excessive exuberance."Bernanke is the one who got taken in and decided to listen to "old money" who don't like the competition. Bernanke did not even try for a soft landing. So we will never know if another Greenspan rescue would have worked. Fire and brimstone is the order of the day. Let the sinners roast in hell (and let the rest of us suffer through it all).I think Jim Cramer is right. Bernanke dropped the ball.
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