To correct myself, one of the seven. "Publically appointed" officials, or more like by the president and then confirmed by Senate. Cause the president & Senate has only the people's interests at heart and in no way, shape or form are affected by corporate lobbying. You guys still don't get it do you? Trying to blame Al. G. is just plain dumb.
people should pay more attention to greenspan imo because of: (1) he is an intelligent guy who knows his stuff about the markets (2) a fed chairman cannot say anything contraversial about the markets even in this case where there is clearly a contagious effect of sub prime and alt a lending (3) bernanke does not say anything remotely interesting and the markets need a lead. (4) bernanke lost creditbility with the bartiromo incident. absolutely pathetic (5) greenspan knows he is responsible partly for the current subprime problems so speaking out allows him to say i told you so (6) he retains a certain star status due to his so called good handling of the economy so people are listening are will buy his book which will go to the number one best seller this november. (7) for me the sheer fact that he is speaking so publicly and openly would suggest with an inverted yield curve that the us economy is absolutely on its knees. greenspan knows this and bernanke wont admit it. so who we gonna believe. (8) my money is on greenspan and rates cuts sooner than later. you can call me al ben
Why is he responsible? Explain in layman terms exactly how he did it. Find me one reference where it states that the Fed chair makes all the decision by himself alone, as if he is a dictator.
I was at that conference, and I actually found his remarks very interesting. Somewhat dry after an hour and a half, perhaps, but interesting. He was very careful not to answer any questions about Fed policy, nor did he really comment too much on the state of the economy (I guess he learned his lesson from the whole recession debacle a few weeks ago). Also, it's important to note that this wasn't a prepared speech. It was a Q & A session, so he's not responsible for the topics that were raised.
I now firmly believe that Greenie is being used by Bernanke and company as a proxy. Very smart tag-team game they're playing. This will now become the norm, outgoing Fed will guide markets to where the current Fed gov believes the market should be. They have to, with so much liquidity sloshing around, someone has to guide it. --RS