"Greenspans's Bubbles" by Fleckenstein and Sheehan

UPDATE: Commentary of Federal Reserve from newest publication with the Subtitle: The Age of Ignorance by Fleckenstein and Sheehan. McGraw-Hills. 2008. Marc Fabor,editor of the Gloom, Boom and Doom Report: After reading Greenspan's Bubbles,you'll have no respect for the FED: The authors demystify the belief that the FED solves problems when, in fact, it is directly responsible for a colossal destruction of wealth of the median household and of the U.S. currency through its irresponsible monetary policies. Professor John Kenneth Galbraith had such vision in saying that US economy is in a mess apropos of Alan Greenspan. Cf. Keys to Economic Understanding Kendall Hunt Publishing Co.,Dubuque,Iowa 1976. www.ask.com for reference. George Santayana:"Those who cannot remember the past are condemned to repeat it. "qian che zhi jian" may be cited in the same line of reasoning. Prof. Galbraith made the cute remarks of wisdom:"There are those who don't know and those who don't know they don't know." Free trade should be promoted and protectionism is to be condemned by virtue of the Law of Comparative Advantage. Such happening is applicable to the present Sino-American Economics in the timely manner. The goal should be designed to maximize people's happiness. Cf. Equation of Happiness in my past blogs. In short,Economics is dedicated to study how leaders and folks allocate resources among alternative priorities. Guns or Butter is the simple example for such understanding. Having fish or the palm of the bear is known in Chinese idiom. Such illustrations can also be found in any economics textbook.
C-Span Radio, Feb. 24, 2008 re Nuclear Danger: China has conservative nuclear status i.e. China seeks peace and economic development but other nations may have negative scenarios for nuclear power. That may cause danger in the 21st century as per C-Span radio discussions this morning.
Francis Shieh a.k.a. Xie Shihao on Sunday,Feb.24, 2008 at 3.25 p.m.