Greenspan - Best Story teller since Walt Disney

Discussion in 'Economics' started by Detonator, Sep 27, 2005.

Greenspan speech ?

  1. Walt Disney stuff

    25 vote(s)
  2. NEW ECONOMY chapter

    12 vote(s)
  1. Did anyone hear the lines of shit he just dropped ?

    My favorite was when he said he could not have done anything about the Stock Market Bubble . . .

    How about CALLING IT A BUBBLE !

    Only after the fact is it even referred to as a bubble, even when he now admitted he saw clear signs of such.

    Now he is setting up a trap for a FREE FALLING HOUSING MARKET that will in his terms "self adjust under a flexible economy"

    Let's see the MAESTRO get out of this one, maybe Mickey can lend him his magic wand . . . :eek:
  2. if you study his writings of the 1960s, both about Gold and Objectivism, and compare it with his activities of the last 10 years, you can see that he's as evil as they come
  3. Mr. Bubble is not blowing bubble for now, instead, he is blowing smoke.

    You know that he is retiring soon, and he is worried about his legacy. He knows that he will be judged by all the bubbles he helped to create, and he wanted to create the impression he once warned about the housing market ( in reality, what he did so far is too little and too later).
  4. le140


    Put a monkey in his position and it will probably stop at least one of the two: the dot com or the housing bubbles, but not this guy.

    Where did we find him? Geeez

    The future is so bright I gotta wear shade.
  5. Babak


    Greenie is very very smart. Politically smart, that is. He knows jack shit about economics but he can leverage social power like nobody. That's how he got to where he is.

    He knew there was a bubble way back (newly uncorked Fed archives prove it). He even used the B word and said that the way to stop it was to raise margin rates. But he didn't.

    If you look at his tenure you see that he makes all decisions not based on what is economically sound but what is politically expedient. Once you figure that out, gaming him is easy.

    I'm actually heartbroken that soon we'll have a Fed who I'll have to get to know all anew. Better the devil you know, and all that jazz.
  6. Greenspan is the best Fed Chairman that ever lived and that will ever live. You guys don't know the history. You've probably been following him for the last 2 years since that's how long most of you have been in the business. I've been watching him for more than 15 years and he's the best, period. And FYI, he was the only one talking about an "equity bubble" DURING the actual frothy market (remember irrational exuberance). People thought he was the devil for even attempting to comment on the market being overvalued at the time. Nobody will be able to negotiate the landscape as well as him and create the perfect storm of low consumer inflation, low interest rates, high asset prices, full employment and economic prosperity ever again. The guy is truly a genius and a legend.
  7. Pabst


    Neal summed it up. Correctly. Period.

    LOL. The rap against Greenspan used to be that he didn't ease quick enough as stocks broke off the 2000 highs. Now historical revisionists will claim that accomidation in 1998 was the culprit. To blame liquidity for investors/speculators making poorly timed decisions is like blaming the 2nd Amendment for Postal worker shootings. People have to be responsible for their own actions. The Feds primary function is to keep the banking system afloat, not to bail out traders who mis-value securities. This is a Fed Chairman who has repeatedly argued to Congress for a smaller budget, less taxes, and a greater free market environment.

    We have short memories. In the fall of 2002 most of us would have thought that this decade might resemble the 1930's. Greenspan's response: Flood the system, get the dollar to an exportable level and worry less about commodity prices of which monetary policy has no control, and monitor employment and domestic spending as barometers of the Nation's state of recovery. Now that the works been done the tightening has begun. Fair enough.
  8. Babak


    Oh really? So all the others like Buffett, Shiller, Grant, were what? chopped liver?

    Shiller by the way talked to Greenspan and in his attempt to persuade him that there indeed was a bubble lent him the famous 'irrational exuberance' phrase. You thought he came up with that himself?

    How easily people forget Greenspan defending the stock market's meteoric rise and championing phantom 'productivity' as the explanation. And who could forget Greenspan quoting Wall Street i bank research to bolster his position? Or flooding the markets with Y2K money to the gills?

    Fascinating. You say that you've been watching him for 15 years but you overlook these rather simple accomplishments.

    He will go down in history as the worst Fed president (along with Bush as the worst US president).
  9. how many more credit cards can the US max out?

    sure, you can provide liqudity.
  10. Pabst


    Idiotic post. Clearly.

    The NYSE Comp was making all time highs as recently as a couple of weeks ago.

    What mistakes? Should he apologize for providing liquidity after the 1987 crash, the 1994 "Orange County" collapse, LTCM, the Russian crisis, and 9/11? WTF. Greenspan has done a Herculean job under four Presidents, each of whom had unique fiscal views. The monetary side of the equation has been stellar.
    #10     Sep 27, 2005