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Sell Signal Of The Day Greenspan Edition

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by Felix Salmon
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Oct 03 2008 10:44am EDT

Sell Signal of the Day, Greenspan Edition

Alan Greenspan's calling a bottom:

Former Federal Reserve Chairman Alan Greenspan said financial markets and the economy will recover "sooner rather than later" from the worst turmoil in seven decades.
"Trust will eventually reemerge as investors dip hesitantly back into the marketplace," Greenspan said today in a speech at Georgetown University's law school in Washington. "From that point, history tells us, financial and economic revival sets in. I suspect it will be sooner rather than later."

Greenspan has always suffered from a surfeit of optimism -- that's what allowed him to cut interest rates well below Nairu. But he's never even pretended to be a market timer -- until now. Maybe he thinks he's being helpful, or constructive. He isn't.

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