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Old 08-02-2002, 05:33 PM
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Default Greenspan was a \"moron\" in 1987

Anyway, their error is always thinking stock prices are wrong.

You price them too low, it under-stimulates supply, creating a perpetual shortage, and precipitating a cultural hording phenomenon.

You prop the price up, entrepreneurs keep dumping more stock you than you really need, and you're stuck underwater indefinitely.

His biggest error ever was calling it "irrational exuberance." That was around the same time Tisch was selling like $750 million in S&P's. If Greenspan were a trader he'd... he'd be a commentator.

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