> >Greenspan urges banks to prepare for a fall<
>
>why?
Because there's a good chance the exuberance is about to come to a close. Greenspan's style has long been to warn markets of his intentions, and he seems to be warning of a sustained tightening. This will take a lot of gas out of the U.S. bubble. Greenspan has also said - not in these exact words, but this was what he was telegraphing - that he thinks that unlike Japan, the U.S. can take a bubble-deflation because he knows the right policies to soften the landing. Whether this is hubris, we'll see.
Doug