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Wednesday, September 09, 2009

Greenspan

Greenspan's prediction that there will be more financial crises in the future is hardly noteworthy. For one his lax monetary policy caused some of the present crisis, and it is obvious that the capitalist system cannot escape the business cycle (boom and bust). His over-cautiousness now is part of the same animal spirits which caused the crisis in the first place - everyone's a bear now.

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