Greenspan ’00 vs. Greenspan ‘05

Compare and contrast? This may turn out to be one of those examples of “history doesn’t repeat itself, but it rhymes.” (Gotta give that quote to Mark Twain, I believe):



Greenspan in 2000 (at the “White House Conference on the New Economy”):


“It is becoming increasingly difficult to deny that something profoundly different than the postwar business cycle has emerged in recent years.”


Greenspan in 2005 (at the Banco de Mexico, in Mexico City):


“The rise of our deficit and our ability to finance it appears to coincide with a pronounced new phase of globalization that has emerged in the past decade.