1.   At an awards dinner in Washington hours ago, Greenspan said a financial bubble may be developing in the U.S., led by the recent run-up in stock prices.

2.   Bubbles have developed in stock prices and real estate.

3.   Greenspan also expressed concern about signs a financial asset bubble may be developing in the U.S., led by the recent run-up in stock prices.

4.   Japan obliged, despite signs that its economy was overheating and a financial bubble was developing.

5.   The Fed chairman also expressed concern about signs a financial asset bubble may be developing in the U.S, led by the recent run-up in stock prices.