Alan Greenspan Replacement - The Best Choice

Discussion in 'Economics' started by SouthAmerica, Aug 26, 2005.

  1. .

    November 16, 2007

    SouthAmerica: On August 28, 2005 I posted some information regarding Alan Greenspan on this forum and I said on that posting the following: “In my opinion Paul Volcker was an outstanding Fed Chairman and he did a great job. Regarding Alan Greenspan, only time will tell the entire story, and he is too old to see the real results of his performance as Fed Chairman.”

    It took less than 2 years for everybody to see the mess that Alan Greenspan left behind.

    And I was wrong when I said that Alan Greenspan was too old to see the real results of his performance as Fed Chairman.

    Today when I heard on the radio what Joseph Stiglitz said about Alan Greenspan’s performance at the Fed in the last few years I was glad to have found at least another person who agreed with me.

    You can read what I wrote about Alan Greenspan in August of 2005 at the following web address:


    Greenspan `Made a Mess' and U.S. Risks Recession, Stiglitz Says
    By Reed V. Landberg and Paul George
    Bloomberg News – November 16, 2007

    Nov. 16 (Bloomberg) -- Joseph Stiglitz, a Nobel-prize winning former World Bank economist, said the U.S. economy risks tumbling into recession because of the subprime crisis and a ``mess'' left by former Federal Reserve Chairman Alan Greenspan.

    ``I'm very pessimistic,'' Stiglitz said in an interview in London today. ``It's not just the housing sector. Over the last five to six years our economy has been bolstered by the real estate sector.

    ``Americans have been taking money out of their houses to finance a consumption binge,'' Stiglitz said.

    ``Last year alone mortgage equity withdrawal was between $850 billion to $950 billion. That game is over.''

    Stiglitz said that the U.S. faces ``a very major slowdown, maybe recession.''

    ``Alan Greenspan really made a mess of all this,'' Stiglitz said. ``He pushed out too much liquidity at the wrong time. He supported the tax cut in 2001, which is the beginning of these problems. He encouraged people to take out variable rate mortgages. That helped create the subprime crisis.''


    #101     Nov 16, 2007
  2. LOL ...are you ever right !!
    #102     Nov 16, 2007
  3. kowboy


    It took a few years to figure out Greenspan, but only a few months to see that Bernanke will ruin the US and the dollar.
    #103     Nov 16, 2007