But I don't think that the world would have been a happier place if Greenspan had
kept the lid on the punchbowl in 1998 and 2002. We haven't had a really bad,
deep recession in 26 years, and it seems reasonable to think that the Fed's
willingness to control inflation, while releasing liquidity as necessary, are
very much responsible for that change. Had Greenspan not opened the taps when
times got tough and markets were unhappy, we might well have had some really
Thank God Greenspan made sure the bubble economy lasted! Otherwise we'd have some really nasty fallout. Thank goodness we have an expert like Megan McArdle to guide us.