We're All Contrarians Now

Fleckenstein is one of the earlier commentators to critique Greenspan for printing too much money too fast.

[For once, there was a somewhat intelligent (though incomplete) discussion in the mainstream press about how the Federal Reserve bailed out the stock bubble with a real-estate bubble.

I am referring to a page-one story in Thursday's Wall Street Journal headlined "In Treating U.S. After Bubble, Fed Helped Create New Threats." To quote its author, Greg Ip, who is thought to be plugged into the Fed:

"Five years after the stock market's peak, the economy faces other threatening imbalances: a potential housing bubble, rock-bottom personal saving rates and a gargantuan trade deficit. And the Fed's post-bubble prescription bears some responsibility for all three."] More...