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April 06, 2008

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Stupid Equity Guy

Sir Greenspan rebutt's other peoples points of view again...

In his article, Mr Greenspan reaffirms his long-held belief that central banks cannot effectively “lean against the wind” by setting monetary policy a little tighter than it would otherwise have been during asset price booms.

However, he writes “if it turns out it is feasible” to conduct monetary policy in this way, “I would become a strong supporter of leaning against the wind.”

Mr Greenspan also takes issue with those who blame lax regulation by the Fed for allowing a serious deterioration in underwriting standards in the mortage industry. The problem, Mr Greenspan argues, “is not the lack of regulation, but unrealistic expectations about what regulators are able to prevent”.

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