Greenspan cautions on bursting bubbles

Alan Greenspan has defended one of the central tenets of his tenure at the helm of the Federal Reserve, warning that combating asset price bubbles could stunt innovation and growth.

Greenspan told the Financial Times, a newspaper, that urging central bankers to burst bubbles was akin to asking them to halt innovation as the two were inextricably linked. He cited the commercialisation of the internet and the recent advances in mortgage financing as examples of this. "What price do you pay in t

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