Thank You Mr Greenspan

Well I guess you can say a lot of people saw this coming, but I doubt many people really thought it would fall so far so fast. Whereas Dow 8,000 seemed pretty implausible a week ago, if we get a repeat of today tomorrow, we are below 8,000.

Cnbc had a rather interesting article on Greenspan which I will link. I'll also paste a few of the genius remarks below for those who are too lazy to click the link. I think in the end there will be a camp of people who argue that the current state of the economy is 100% Greenspan's fault, and a camp of people who think that the current state of the economy is only 98% Greenspan's fault.

cnbc Greenspan Article

"Not only have individual financial institutions become less vulnerable to shocks from underlying risk factors, but also the financial system as a whole has become more resilient.” — Alan Greenspan in 2004

“I believe that the general growth in large institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically — I should say, fully — hedged.”