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Greenspan on current state of economy

A few interesting points to note:

1. (this is not new in his thinking) It’s not only real economy that drives equity market: but also it’s the other way around: equity market also drives real economy. The channel is stock prices help ratings of corporate debt.

2. He is very worried about US fiscal situation;

3. China is a bubble waiting to burst. But the impact will be uncertain.

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