Greenspan foresaw all of this years and years ago! He started preparing to leave his office in 2004 by raising the rate as fast as he could over his last two years… so that the next guy to come in would have enough slack to drop the rate when needed.
I think the problem though may be that Big Ben is blowing his wad a little too fast. Alan didn’t leave him THAT many karma points… he’s got two left now. When the bubble deflates some more, he’s going to have to blow it all again. I figure he’s got about six quarters left.