Bond Outlook [by bridport & cie, February 1st 2006]
The end of January led to a slew of commentaries on Greenspan’s departure and his legacy, but they have brought nothing new: yes, he kept the economy going though interest rates drops, but has left behind huge and unsustainable deficits and a housing bubble waiting to burst. We find symbolism in the start of the Enron trial coinciding with Greenspan’s departure: a price for excess has to be paid in both cases. |
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