      Alan Greenspan, the head of the Federal Reserve, has by and far moreinfluence on the financial markets than any other individual. His everyword and action is followed by the vast majority, if not all, institutionalmarket participants. The slightest hint that Greenspan is even consideringa rate hike or some other change in fiscal policy is enough to causedramatic reactions in the market. It was not too long ago that Greenspanuttered two words that caused the market to go into a tailspin that endedwith a nearly 10-percent correction. Those two words, as most of you know,were "irrational exuberance." So powerful were these words that the shockwave that began in the U.S. financial markets (equities, bonds, futures,etc.) quickly spread around the globe.