>Or why he has refused to just come out and say that stocks are insanely
Oh he did, about 4,000 Dow points ago, and got keelhauled by the media and Congress for doing so. It's ok when Fed policy disemploys construction workers and autoworkers; it's another thing entirely when The Bull Market is at stake. And with about 20 million newly stockowning households in the Bull's camp, it's a serious political problem. An end to the party would have pretty serious economic, political, social, and political consequences that are too horrible for the likes of Greenspan to contemplate. Best to cover your eyes and hope the problem goes away.