Word: greenspans
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Considering the Yale professor's recent publishing history, this is quite a relief. In March 2000, as stock prices soared to record levels, Shiller released his first general-audience book. Titled Irrational Exuberance, a phrase borrowed from a 1996 Alan Greenspan speech, it made the case that stock-market investors tend to go mad every few years--and that they were at the time in the grips of perhaps their worst psychotic episode ever...
Irrational Exuberance may have come out just as the market peaked in 2000, for example, but Shiller had actually begun voicing his worries about high stock prices years before. Fed Chairman Greenspan got an earful from the economist a few days before making his "irrational exuberance" speech in 1996 suggesting the market was overvalued. But prices kept rising, and Greenspan concluded that he shouldn't try to outguess the market. Other economists have since shown that acting on Shiller's bearish advice then would have cost an investor big gains over the subsequent decade. One man was no match...
Dung, 59, has taken steps to curtail inflation and cool the overheating economy. But he freely admits he's seeking more answers. Starting June 24, he visits the U.S. with plans to meet with President George W. Bush and former U.S. Federal Reserve Chairman Alan Greenspan, among others. Although Dung rarely speaks to the press, in a June 20 interview with TIME senior editor Jim Erickson and correspondent Martha Ann Overland, he talked about his upcoming visit and the challenges facing his country, from rampant corruption to human rights. (The following Q&A is based on Dung's translated answers...
...understand you will meet with Alan Greenspan on your trip to Washington. What are you going to talk about...
...book, "Fun and Games in Washington" and "Special Men in My Life." Not all that special, or all that fun, apparently, because the audio book skips the two chapters entirely. Missing is any note of her affair with Brooke, not to mention her flings with future Fed Chairman Alan Greenspan, Virginia Senator John Warner and several more...