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Greenspan Predicts Dodd-Frank Won’t Avert Asset-Price Bubbles

Jan. 14 (Bloomberg) -- Ex-Fed Chairman Alan Greenspan predicted the Dodd-Frank Act tightening regulation of U.S. financial institutions won’t prove effective in averting asset-price bubbles.

* “I know the Dodd-Frank bill has got a huge number of ways

at coming at the problem, none of which, in my judgment,

will work,” Greenspan, 87, said today at the American

Enterprise Institute in Washington * “Bubbles are an inherent part of human nature,” fueled by

investor euphoria, he said * “The only way that I can see out of it is to find a way

that the financial system does not default in a serial

manner,” he said; “and the only way that you can guarantee

that is, in fact, to reduce the amount of debt” * Greenspan served as central bank chairman from 1987 until

2006 and was succeeded by Ben S. Bernanke, whose eight-year

tenure ends Jan. 31

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