[cdxx]

very interesting analogy.

i view their strategies as purely monetary (Bernanke) vs. actually steering the economy (Greenspan). think of the fed's strategy from 1995 until 2000. greenspan kept the rates relatively high, but he essentially made the economy grow at a measured rate, rather than booming off the charts. noone knows what would have happened, but many fear the 2000-2003 recession would have been a lot worse. basically, a much bigger bubble would have burst. some of this had to do with monetary policy, but a lot more to do with actual economic growth.