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News Flash: Greenspan Says ‘Stocks Are Cheap’

Posted by L Levin on January 20, 2011 at 12:27pm
Greenspan’s circular logic was unenlightening: “Stocks are cheap if earnings are to continue higher.” Taken as a whole, this does not mean much, akin to prophesizing: “The Red Sox will win if they score more runs than the Tigers.” Greenspan’s successful impoverishment of the American people often hinged on the suppression of his dependent clauses: “Stocks are cheap,” was all we needed to know.

Read more: News Flash: Greenspan Says 'Stocks Are Cheap' http://dailyreckoning.com/news-flash-greenspan-says-stocks-are-cheap/#ixzz1BZtDxbfI
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