Thanks for posting the full text of Greenspan's testimony on the thread. It's a must-read for anyone interested in the longer term fiscal crisis we face as the Baby Boomers approach retirement. We can begin to extrapolate from this the kind of liquidity crunch that is going to challenge the financial markets over the next few decades -- which should be of real concern to the younger folks among us who might be looking to the markets to help finance the retirement years. The Boomers have pumped so much money into the financial markets these past two decades. Imagine the impact as those inflows turn to outflows. It's a grim picture when you also factor in the repatriation of overseas capital, which is a trend gathering steam already.
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