The debate about quite who was responsible for the Bubble continues in the Jackson Hole Fed get-together, amid much self-exculpatory hogwash from Sir Al and a deal of sound sense from the Europeans and Japanese. But the Fed, like all such institutions, doesn’t eat its own, so criticism from that venerable old curmudgeon of the 1980s bond market, Dr Doom himself, Henry Kaufman — that Greenspan could have done more to keep stock prices in check by making a public statement to the effect that Wall Street had pushed itself to irrational levels — drew a swift, if unsurprising, response … Continue reading ‘I’m Innocent, Innocent’