❝ Alan Greenspan says the party’s over on Wall Street.

The former Federal Reserve chairman who famously warned more than two decades ago about “irrational exuberance” in the stock market doesn’t see equity prices going any higher than they are now…

❝ The former chairman also warned that the United States may be poised for a period of stagflation, “a toxic mix” when the economy suffers from high inflation and high unemployment. The last time the country experienced such an episode was in the 1970s and early 1980s.

“How long it lasts or how big it gets, it’s too soon to tell,” said Greenspan. “We’ll know it when we get on top of it.”

Hardly any economist of note expects the US to escape from the Trump swamp without a recession. How big and exactly when covers the range of every guess you might conjure up. Surely ain’t getting past Election Day 2020.

BTW, Greenspan will be a guest on Bloomberg’s coverage of the FOMC meeting, tomorrow, the 19th. I doubt Tom Keene will miss the chance to ask tough questions.