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From its March 2000 peak to its October 2002 bottom, the NASDAQ declined almost 80%.  In a speech at Jackson Hole on August 30, 2002 Greenspan offered the following defense for his role in the stock bubble and the Fed's failure to do anything about it;

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In the last two blog posts, the July 1998 hearings on derivatives were reviewed.  A generous interpretation of Lawrence Summers testimony could - with a straight face - claim that Summers was merely advancing a limited legal argument.

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When Lawrence Summers testified against regulating derivatives in July 1998, it could be argued he was testifying on the basis of a limited legal point, and not on the basis of being opposed to any derivative regulation.  When the Commodities Futures and Trading Commission prepared their 'concept release' to consider regulating derivatives, the CFTC was attempting to use its authority to regula

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July 30th of this week marked the 21st anniversary of Lawrence Summers', (Dunce #45) testimony to Congress on derivatives.

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