TEXT OF STORYBOB MOON: The shockwaves are still rippling around the world from the comments made yesterday by former Fed chief Alan Greenspan.
He voiced worries that China’s red-hot stock market faces a steep fall. Wall Street investors registered their concern over those comments yesterday and today, European shares fell from their six-and-a-half year highs.
The Shanghai Composite Index did shave off a modest half-a-percent today, but that’s nothing compared to a 55 percent jump so far this year — not to mention its 278 percent climb in the past two years.
In China, they listen not to Greenspan, but a man by the name of Lin Yuan. He’s considered a Warren Buffett-style market guru over there and he told Reuters today that the Chinese stock market will keep on rising.
Marketplace is on a mission.
We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.
Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?