Friday, February 06, 2009

The stock market and real estate bubbles

Books of Account
Greenspan’s Bubbles
William A. Fleckenstein
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Tale for the gullible in bubbledom

Greenspan bailed out the world’s largest equity bubble with the world’s largest real estate bubble, writes William A. Fleckenstein in Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve. “That combination easily equates to the biggest orgy of speculation and debt creation the US (and the world) has ever seen,” he rues.


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