The Ten Reasons Why There Will Be Another Systemic Financial Crisis http://www.forbes.com/sites/robertl...re-will-be-another-systemic-financial-crisis/
Well we know at least this much is wrong. ..."This lack of input means the Fed will always have trouble spotting a bubble that is developing out of speculation in the financial or commodity markets." The Greenspan Fed had no trouble at all spotting bubbles. The Fed recognized the tech bubble and the housing bubble. Greenspan acknowledged them both. Greenspan did nothing of course, not because he wasn't aware, but because, despite being the Chief Regulator, he did not believe in regulation. He was convinced that the markets would eventually self-correct excesses harmlessly back toward equilibrium. It is undoubtedly true that markets far from equilibrium will eventually self correct. Sadly for Greenspan, and Bernanke too, the correction won't necessarily be harmless. Soros (The Soros Lectures at the Central European University) has shown how easy it is to recognize market bubbles once they go past their initial stages. It is rather easy to prick bubbles before they get out of hand. But no one wants to be a party pooper.