Righto. Singing the praises of politicians and central bankers is best left to those whose brain was deprived of oxygen at birth.
Biggest credit bubble in the history of mankind. Effectively undid most of what Paul Volcker accomplished. $8 trillion national debt. Will have to be inflated away or compound interest will eventually consume it. They resurrected the 30 year T-bond. I wonder why. They'll stop reporting M-3 growth this spring, I wonder why. Yield curve remains persistently FLAT. No premium in yield for holding an extra 28 years. After three decades of lobbying, bankruptcy reform was finally enacted. I wonder why.
For all the criticizers, what Mr G should have done to save the economy? Pushing the government to adopt a balanced budget? My worry is when the next recession comes, what the Fed could do? The borrowing power has been tapped out, no one could borrow any more even if the interest rate is low.
This is true, and it all began with the grand darling of the right Ronald Reagan. He spent the Soviets out of existence and Clinton understood that and leveled government expenditures in the face of the demise of the Soviets, but this lunatic Bush and his gang of corporate bagman are borrowing huge sum from foreignors and essentially giving it to the well off via tax cuts and preferential contracts. Bush knows the average American has the memory the length of a sitcom episode,the greed of a King, the sloth of a pig, and the education of a rodent. He's right. And that's why he was put in for round 2.
he has warned against all of these....dont blame it on him! i was beat to te puch on "tenor vs. tenure"....damn! LLLLAAAAAAAAAAAAA!!!!
I donât see it that way. Looking at ratboy's post that you quote I would say that in relation to the national debt his warnings came way after the horse had bolted and were just his way of maintaining the façade, and perceptions towards him after leaving office. In relation to the Nasdaq bubble he clearly fueled and promoted it right to the end. To quote him just before it caved in on him: "Today's economy was probably experiencing a once-in-a-century acceleration in innovation, but people may well conclude that a good deal of what we are currently experiencing was just one of the many euphoric speculative bubbles that have dotted human history." Alan Greenspan, January 2000 As for Americans being up to their eyeballs in personal debt, what did he expect will happen when interest rates were pushed lower than the rate of inflation?
then tell us what he did that was so great???? some would say the expansion of M3 at these levels is treasonous.
A nostalgia buff, eh? Perhaps something will seem familiar if you pick around in here. http://www.fdic.gov/bank/historical/history/vol1.html
I guess it's time to change the name, but the picture ... "Greenspan assessing current deficit situation." <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=966988>