> > Greenspan is clearly and correctly worried that the
> population is simply not big enough to valorize the swollen mass of capital
> that is being accumulated at a rapid clip.
Huh? What makes you think so? I have heard him say, at least in one occasion, that he thinks current valuations are justified by the wonderful advances in techblah blah blah (though he graciously conceded that he might, gasp, be wrong). He did not mention the astounding rise in profits that would be necessary to valorize companies selling at 300 times earnings, or even 40. Given that he confuses productivity and profitability, this is not surprising.
Really, I think that you give him too much credit.
-- Enrique Diaz-Alvarez Office # (607) 255 5034 Electrical Engineering Home # (607) 272 4808 112 Phillips Hall Fax # (607) 255 4565 Cornell University mailto:enrique at ee.cornell.edu Ithaca, NY 14853 http://peta.ee.cornell.edu/~enrique