Mr Greenspan's record: where do we go from here?

Alan Greenspan's chairmanship of the Board of Governors of the Federal Reserve has seen one of those once in a generation experiences of a stock market bubble leading to an investment bubble and followed by a market collapse. These events tend to happen about every 30 to 40 years. In the United Kingdom long-term stock market peaks have been reached in 1937, 1968 and at the end of 1999. In the United States the first peak came in 1929 not 1937, but the timing of the other two peaks has been

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