Here's why Alan Greenspan is wrong about a 'bond bubble'

Douglas J. Peebles is AllianceBernstein's CIO for Fixed Income.
Reading the signs in markets can be tough. When he headed the Federal Reserve, Alan Greenspan missed early signs of a housing bubble. Now he’s warning of a bond bubble that’s about to burst.
We disagree. 
We certainly agree with Greenspan that the 30-year bull run in bonds is over and that interest rates will rise. But we don’t share his belief that Fed tightening will cause long-term rates to rise rapidly, pr