Bend Like Bernanke

Bernanke took a page from Greenspan's playbook and played to the market bulls as he backed down yesterday from previous comments on his attempt to trim what Greenspan once called stock market "irrational exuberance".  Greenspan was great a looking responsible, but at any sign of stock market downside momentum, Greenspan would shamelessly wimp to Wall Street.   Ultimately it will not make any difference in avoiding the correction to the massive over reach of the last two years.  Upside rationale always seems infallible inside the glory of the rally.