The Greenspan Put

The "Greenspan Put" is alive and well. The Greenspan Put is the term used to describe the FED's wonton use of interest rate cuts to bail out industry any time there is a perceived threat of tightening credit. For how much longer can this work? I suspect we could get another 10 years out of the Put before we run out of room. The question is, then what? When the Pound is worth 3 dollars and the Euro 2, and US short term rates are at zero, what will happen. That' s the road we're on folks and somebody in government better do something before we get there. Like every heroin addict admits, it was a great ride until rock bottom. But once you hit rock bottom there is no going back.