Alan Greenspan admitted today, many mistakes were made during his period as Chairman of the Federal Reserve. Greenspan was once hailed as an economic genius who presided over a long period of economic stability. But, now many blame him for fostering an asset boom and bust.In a remarkable admission, he states how much he underestimated the capacity for banks to take reckless decisions."Those of us
Alan Greenspan has been in full-court-press mode trying to maintain the facade that is his legacy. He is now expressing shock that the “self-interest” of lending institutions failed so miserably.
This new defense mechanism of his, that he was just believing in the self-interest of LENDING INSTITUTIONS (which are not people - how can a [...]
Out at the biker bars, Lesbian C & W Clubs and PTA meetings I have detected a lot of deep seated concern about our country. Although we all want to give it the good old college try, there is some real doubt whether either Bean Pole or Geritol Rex can kick butt the Republic back into gear.And it just might mean we are rapidly approaching the point where there is but one option: So when the tim
Greenspan spurs concerns about Bahamian tourism:
By INDERIA SAUNDERS, Guardian Business Desk -
Nassau, Bahamas:
WASHINGTON, DC — The Bahamas may have missed out on the Caribbean's most bullish tourism market ever, with no one other than Alan Greenspan telling industry insiders a record numbers of Americans headed south in March — the same month Nassau saw a decrease in the number of visito
It sure is funny how Wall Street and investors around the world used to fixate on former Federal Reserve Chairman Alan Greenspan. Every word, every action of the economist was scrutinized to no end as if correctly deciphering it would mean untold riches. Conducting this process was all the more impressive considering the [...]
From Bloomberg:Former Federal Reserve Chairman Alan Greenspan said the drop in U.S. home prices will probably end "well before'' early next year as the number of houses on the market diminishes, aiding an economic rebound.Does this offer us some hope? Not really, because Greenspan also said the recovery will be "slow and hesitant".Did Alan Greenspan caused the bubble which is burst now? He defended the increasing criticism in an article published at Financial Times:The former Fed chairman says the most likely cause of this global house price boom was a “dramatic fall in real long term interest rates” around the world, which he believes was caused by abundant global savings. In any event, Mr Greenspan says, it is only with hindsight that it looks like the US economic recovery was wel
Former Fed Chairman Alan Greenspan has written an article in the Financial Times concerning how the risk models used during the recent housing & mortgage boom ultimately failed. Although written in his signature "Greenspan prose," there are definitely some interesting takeaways:The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the second world war. It will end eventually when home prices stabilise and with them the value of equity in homes supporting troubled mortgage securities.Home price stabilisation will restore much-needed clarity to the marketplace because losses will be realised rather than prospective. The major source of contagion will be removed. Financial institutions will then recapitalise or go out of busine
Book Description
ISBN-047139906X
Power . . . Personality . . . Paradox
When Alan Greenspan talks, Wall Street listens–as do bankers, investors, politicians, and economists throughout the world. He is the number one arbiter of U.S. monetary policy–credited, as Chairman of the Federal Reserve, with having simultaneously held inflation down and kept the economy growing throughout the [...]
UPSTATE NEW YORK...12/20/07 2:00 pm EST... Giving a press conference from the bedroom of his new home, the Happy Trails Home for the Aging, former Chairman of the Board of Governors of the Federal Reserve, Alan Greenspan, was asked if his arrogance, or perhaps stupidity, had caused the dot com and/or current housing crises. Remarked Greenspan, "My roommate and me . . . we eat paste.†Asked then
By Christopher WelliszDec. 16 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said he sees warning signs of so-called stagflation, a combination of slow economic growth and rising prices.``We are beginning to get not stagflation, but the early symptoms of it,'' Greenspan said on ABC's ``This Week'' program.``We had a period of remarkable disinflation'' in the years following the end of the Cold War, when inflation rates declined, Greenspan, 81, said. ``That period is now coming to an end.''Greenspan cited rising prices of Chinese exports together with declining productivity increases in the U.S. and elsewhere as signs that the era of declining inflation rates may be ending.U.S. consumer prices rose the most in more than two years last month on record energy costs, a government report last week showed. The consumer price index increased 0.8 percent in November, up from 0.3 percent the previous month. Prices excluding food and energy climbed 0.3 percent.
Fallout from the sub-prime mortgage crisis wreaked further havoc yesterday as Bank of America, Wachovia and PNC all said that investment write-downs would be worse than forecast as the credit crunch worsened.
Alan Greenspan’s solution to economic inequality in the United States is to turn all Americans into 3rd world serfs. He also thinks Americans really do not need middle class incomes, nope, we all just greedy little chickens pecking out power for power’s sake.
We pay the highest skilled labor wages in the world.
We need to supress the [...]
Watching the “Enemy Media” completely distort (Chris Mathews seemed to be having on air orgasms) what Alan Greenspan said regarding the economy, The Bush Administration, the War and just about everything else is maddening. I’m still not sure if they are just so uninformed that they are not aware of how dumb they sound to informed audiences (which sadly given my experience is like 10 of us) or if they are actively inventing facts. My gut tells me it’s a little both.In his interview with the WSJ, Greenspan stated that “The Clinton administration was a pretty centrist party. … But they’re not governing again. The next administration may have the Clinton administration name but the Democratic Party … has moved … very significantly in the wrong direction.” Greenspan is referring to the modern Democrat Party’s war on prosperity and free trade.On 60 Minutes, Greenspan referred to Hillary Clinton as “unquestionably capable” and “very smart.” To this statement they
Resenha:
É a análise incomparável de Allan Greenspan sobre a natureza desse novo mundo, sob as lentes de sua experiência de trabalho na sala de comando da economia global, durante mais tempo e com maior eficácia do que qualquer outro ser humano ainda vivo.
Ele começa sua narrativa naquela semana de 11 de setembro, mas, em seguida, retrocede à própria infância e segue a trajetória de uma vida notável, percorrendo, inclusive, os mais de dezoito anos de seu mandato como chairman do Federal Reserve Board, de 1987 a 2006, durante um período de transformações radicais.
Alan Greenspan conta a sua vida, primeiro com o objetivo de simplesmente narrar a extraordinária quantidade de eventos históricos de que participou e para os quais contribuiu. Mas seu outro objetivo é conduzir os leitores ao longo da mesma curva de aprendizado que percorreu, para que eles desenvolvam suas próprias percepções da visão desse observador privilegiado a respeito da dinâmica subjacente que impu
The topic below was originally posted on my blog, the Intrepid Liberal Journal as well as the Independent Bloggers Alliance, The Peace Tree and Worldwide Sawdust. Alan Greenspan belongs to the Club of Emasculated Moderate Elites who enabled corporate theocrats to destroy the American Dream at home and annihilate our moral authority abroad. A prerequisite for membership is to first allow crazy ideologues to exploit their prestige and later disown the disastrous policies their reputations facilitated. Former Secretary of State Colin Powell is a charter member of this club and a pathetic figure who criticizes the Bush Administration about Iraq when it no longer matters. Powell’s domestic policy soul mate, Alan Greenspan, joined him with his new memoir, The Age of Turbulence: Adventures In a New World.Actually, one could argue that Greenspan was a charter member as early as 2001. The prescient and sagacious Paul Krugman wrote the following for his column entitled “Reckonings; Doing th
Of course, I say doom and gloomer tongue in cheek. Greenspan is the creator of something called the "virtuous cycle" where everything runs just right. Well, now Greeny is thinking that perhaps everything is not running quite right. I've been aware of this all day, but haven't gotten round to posting... just in case you missed it - Greeny spoke his mind today: http://www.mercopress.com/vernoticia.do?id=9942&formato=HTML.Incidentally, I'm adjusting my blogroll. It's gone. I've gone back to a Favorite Links format. I will no longer be linking to blogs authored by anonymous authors and will likely be adding few new names to the list that I now have until I get to know the people behind those blogs.
