“Never before in history had the nation’s financial system been pummeled by two gigantic bubbles and two devastating crashes in such a brief interval. That Greenspan’s heir apparent managed to detect the Great Moderation at the midpoint of this cycle of financial violence was only added testimony to the degree to which monetary policy had become unhinged. It was no longer plausible, therefore, to describe the New York Stock Exchange, NASDAQ, and the various venues for equity derivatives as a free market for raising and trading equity capital issues. Instead, they were violently unstable casinos, ineptly stage-managed by a central bank.”
http://www.caseyresearch.com/articles/corruption-capitalism-america
