09 March 2006

Irrational exuberance

The New York Times anticipates Mr Greenspan's memoirs:
"IT was the best of times but it might also have quite possibly led to the worst of times.
One thing was for sure: it was a beautiful day. It felt like, oh, around 63 or 64 degrees Fahrenheit. I estimated, assessing the precise time of day, the mean annualized temperature, all available barometrics (which were hovering at about 30.2 and appeared to be falling), and the constantly changing, though only partial, cloud cover which seemingly would have to have been caused by prevailing winds, that it might get up to 65 degrees by midday.
But that didn't stop me from wearing an undershirt. My father had always insisted that I wear undershirts. He felt that if one were to sweat, the undershirt could absorb the perspiration efficiently, thereby prolonging the immediate look and the overall life of any dress shirt and additionally augmenting outer garments. Based on the relative lower cost of the simpler undergarments, factoring in cotton inventories and rising yields in dry-cleaning revenues, a good suit could last a hell of a lot longer if you didn't stink it up."

The Fed just won't be the same...

No comments: