大师的真面目被揭穿了！

“ Greenspan had been Fed Chairman for just 69 days when the stock market crashed on October 19, 1987 — Black Monday. The Dow Jones fell 22.6% in a single session, the largest single-day percentage decline in history. Greenspan’s response was swift and decisive: the Fed flooded the system with liquidity, issuing a one-sentence statement guaranteeing its readiness to ‘serve as a source of liquidity to support the economic and financial system.’

In the immediate term, the intervention was arguably appropriate. But it planted a seed that would grow into a deeply problematic incentive structure. The financial community absorbed a critical lesson: the Federal Reserve under Greenspan would not allow serious market dislocations to run their natural course. The concept later codified as ‘the Greenspan Put’ — the market’s understanding that the Fed would cut rates and inject liquidity whenever equities fell significantly — was born.”

I wrote a two parts anyone analysis on Wall Street’s greatest “ Libertarian Maestro.”

In my opinion, His greatest betrayal was single handily denaturing the core values of “ free enterprise Capitalism” into a putrid pseudo intellectual slop designed to feed Wall Street’s addiction to easy-credit financed speculative endeavors. The Maestro of “ moral hazard” lives on today; hopefully not for eternity.