The Washington Monthly: "Of course, we can always hope there won't be a crisis in the next three years. In fact, as Brad DeLong notes, there appears to be at least a 50% chance that there won't be.
"The other 50% has me a little edgy, though."
What's he talking about? He's talking about the hollow Treasury Department, where many, many chairs sit empty. And, he's talking about the possibility of financial crisis, with no Treasury Department capable of responding.
When Greenspan retires, there will follow, within a month or so, a day of panic. That day of panic could be turned into something more, by an incompetent Treasury.