Don't Believe Greenspan's Bullish Case for Stocks

FORTUNE--On CNBC's "Squawk Box" on June 6, former Fed chairman Alan Greenspan made two points in uncharacteristically clear, blunt language that got Wall Street buzzing. Appearing over a chyron billing him as  "The Maestro of the Markets," Greenspan came close to declaring that bonds are in a bubble. "Bond prices have to fall and long-term rates have to rise," he warned. "We haven't a clue as to how rapidly that's going to happen." Rates, he added, "are still well below" the level they would normally be at this stage.