The Greenspan put has in effect been replaced by the Bernanke pushover.

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While helping all asset categories to rally, the Greenspan put had an undesired consequence: it caused a synchronous one-direction move across asset categories, undermining the effectiveness of asset diversification in lowering market risks.

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Internet entrepreneur Brad Greenspan tried to put together investors, but fell short of making an offer for the whole company.

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Former Federal Reserve Chairman Alan Greenspan, who put the risks of a recession at about 30% at the beginning of the year, has said more recently that the steep housing slump and financial market turmoil in August have pushed that chance up, although the risk still remained below 50%.

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Many investors came to believe that central banks would underwrite the markets (the so-called Greenspan, now Bernanke, put).

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And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

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On the other hand, bear markets also tend to coincide with rising interest rates whereas now, for all his tough talk, Alan Greenspan, chairman of the Federal Reserve, shows little inclination to put rates up.

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But put all the March numbers together and the case for Mr Greenspan raising interest rates fairly soon looks ever stronger.

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