The Greenspan Domino Theory
And so the fallout continues. Once again, dour comments by Federal Reserve chief Alan Greenspan on the state of the U.S. economy have touched off a world-wide spate of panic selling, reports Money Daily. Southeast Asian markets were the most affected, with Hong Kong's Hang Seng index dropping 4 percent and Japan's Nikkei falling nearly 250 points. The bulls were equally spooked in Europe - Germany's DAX and Britain’s FTSE were sinking slowly early Thursday. All this on the back of Greenspan expounding a very simple economic truism: higher employment means higher wages and higher prices. What on earth would happen if he ever said something really bad?
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RAY KELLY, New York City Police Commissioner, on the arrest of a New Jersey man in one of the nation's most baffling missing-children cases, the disappearance more than three decades ago of 6-year-old Etan Patz.
