Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

Sandy ---

We disagree. It was entirely within Greenspan's powers to raise both margin requirements and bank reserve requirements, and he did nothing at a time when many people saw the need for him to act. In fact, he did worse than nothing, as he continued to pump excess money into the system the whole way. That money has to find a home, and it did so by inducing outrageous valuations in the equity markets and overcapacity in the manufacturing sector with the result that we now are paying the price for his errors.

He saw the problem and he blew it.

mlsoft