FSD, you said that the return was 7.2% compounded annually. Assuming a nominal 2.5% CPI (actually it was more 10 years back). over the 10 years, the inflation adjusted return would be 4.7%. If you look at Siegels book, “Stocks for the long run”, you’ll see that the long term compound real returns of the stock market have been 6.6%. So, Greenspan was right. The problem is that he didn’t take any action. If he had, we could have averted many bubbles.