Financial Alchemy

Toward the end of his tenure, some started to wonder if former Fed Chief Alan Greenspan was a fool (after all, he left rates too low for too long and never came to grips with the fact that a real estate bubble was inflating on his watch).   Once again, Greenspan has opened his mouth and removed all doubt.   In a recent interview with Bloomberg, Greenspan said that the stock market rally that started in March has reduced the need for additional economic stimulus.   In particular, he’s quoted as saying:     “When stock prices go up, the market value of common stock…