“Chairman Greenspan has now officially lost the confidence of the bond market. Market participants are now going to begin questioning past cycle and current cycle policies by the Fed.” Doug Kass, a hedge fund manager at Seabreeze Partners in The New York Times.

“Everyone has believed for at least 5 or 10 years that Greenspan could wave his magic wand and fix any problem. When people start to turn on him, that’s when the music finally stops.” Bill Fleckenstein, head of Fleckenstein Capital in The New York Times.