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I think Mr. Greenspan does a good job for all of us when he rattles his saber. The financial community always gripes about it (it hurts them at bonus time), but what he accomplishes is he shakes the weak money out of the system. That gives a stronger house of cards, less likely to collapse.

One of the reasons the expansion has gone on for so long is that the Fed has learned to use its power more subtly than it did even 20 years ago. And the economy and the politicians have given them room to maneuver. But who knows how long it will last.
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