Sir Alan Greenspan Thinks We're All Idiots

I have had no time to write about this yet, so for now read this great response from Caroline Baum of Bloomberg.

Former Fortran and Cobol computer programmer turned world's most celebrated Central Bankster, and now gloriously, fiscal reprobate, Alan Greenspan is on a world-wide mission of damage control.

Briefly, he claims the Fed did not cause the housing bubble.  It's a failed attempt at self-exoneration and I will give my thoughts later when time allows.  Apparently he's lost his mind and forgotten most of the past 12 years.

Read Greenspan's delusion and try not to add to the Citigroup vomit in the corner.

Comments

[jules]

Great photo!!

Greenspan should ride off into retirement quietly. Everytime he opens his mouth his hole gets deeper.

[Kansas is fucked]

@jules

Greenspan will never stop until he passes away. He can't stand people saying bad things about him.

[BotKilla]

Was greenspan really a programmer?

[Insanity: the silient killer]

I'm just astounded by this article of Greenspan's. At the time he had the rates so low in the early 2000s, I -- a person with no "formal" training in economics -- made the call that the new bubble was being formed. I was right. How can this overpaid jackass think otherwise?

I think the thing to remember is that the best liar is one who believes the lies he's telling. Greenspan must be that far gone. It's really too bad that none of his friends have brought him back to reality on this one.

[Snazzenstein]

Did Greeenspan forget his own endorsement of adjustable rate mortgages?

[Angry Jones]

Former Fortran and Cobol computer programmer turned world's most celebrated Central Bankster, and now gloriously, fiscal reprobate, Alan Greenspan is on a world-wide mission of damage control.

Good writing.

[Ain't Bullshittin']

Cut the Geezer some slack. He saw the dollar get hammered in the 70's by leaving the silver standard and KNEW the only way to stave off the coming recession of 2003 and make GW's war fiscally work was to PUMP the market. It worked pumped both the stock and housing markets to levels NEVER seen before through cheap money and leveraging the ENTIRE BANKING SYSTEM. "Greenie" was just following his marching orders. I would vote for castration but I don't think that is a just punishment, due to his age. Maybe a public display of some sort would do the trick. Pitchforks and torches. You should REALLY be angry at the Congress and Senate for allowing such a disaster to take place. Sorry, forgot those cats were getting sweetheart mortgage deals. Oh well.....bend over America cuz' Uncle Sam has a HARD ON for your DOLLARS!

[K]

Ain't has it about right. Sure Alan ran the Fed but the big decisions are made by the Fed's Board. The Chairman must sell his ideas to the board.

And the political checks were and still are there. Congress can intervene but normally chooses not to. And I doubt any Chairman would refuse to resign if the President demanded it.

However Greenspan should shut up. General Omar Bradley said the correct politics for a retired General was silence. That was good advice and not limited to Generals. Jimmy Carter comes to mind.

[Puzo]

HE just won't go away. You would think he might give up one of these days, but his ego is larger than his sense of decorum.