>As far as I can tell, the US has the opposite problem of Southeast
>Asia--too much confidence
Yes, exactly. But SE Asia went from being the future of the world to being a stinkpot of corruption and inefficiency in the space of 6 months. That kind of rapid reversal - which can have massive financial and economic fallout - is what Greenspan has been worrying about (I'd give a cite, but the Fed's website seems to be asleep).
Doug