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The Business, London, In the Dock column.(Column)

Byline: The Judge

Sep. 22--So now it's official: Alan Greenspan, the former chairman of the Federal Reserve, believes the US housing market is suffering from a bubble. Though he was careful never to use that word when he was in office, he admitted this week that his talk of "froth" to describe American house prices was in fact a mere euphemism for the dreaded B-word.

"All the froth bubbles add up to an aggregate bubble," he said, somehow managing to avoid blushing. But the 81-year-old Greenspan is emphatic in his refusal to take the blame for the bubble, its subsequent popping and the current credit crunch. His huge rate cuts after the demise of the dotcom era and ...

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