Mar 22, 2008

Bill Fleckenstein on Greenspan's attempts to eliminate risk

I know I've said it before, but it bears repeating: Capitalism involves booms and busts. There is a phenomenon known as the business cycle that loosely revolves around those booms and busts. The policies of Greenspan and the Fed suppressed those busts, and "risk" was more or less struck from the lexicon of the English language (while linguists have pronounced "subprime" their word of the year).

Bill Fleckenstein, Contrarian Chronicles, MSN.Money, January 14, 2008

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