Sabbatical Day 15

Read a couple of articles by economics professor Joe Salerno who spoke at Ramapo College last semester about the benefits of deflation.  I downloaded his article about reforming the Federal Reserve.

I started reviewing the material in my Alan Greenspan file and read his 1996 speech where he mentioned the “irrational exuberance” just as the stock market blasted off to the 2000 dot com peak.  Greenspan provided an overview of US financial history and spoke as if he remembered what he wrote 30 years earlier in his essay, Gold and Economic Freedom.  At other times in his speech he sounded like the quintessential central banker.  I will incorporate his remarks in my analysis of the dot com bubble.



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