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September 12, 2007
Let the Greenspan Blaming Begin (Again)
There has always been a cottage industry in blaming ex- Fed chief Alan Greenspan for all things economic. With his new book coming out, expect that to grow much larger as he becomes the fall guy for the current credit crisis, and John Cassidy's piece in the upcoming issue of Portfolio magazine strikes early in that regard.Worth reading, if mostly for getting a sense of the growing anti-Greenspan gestalt.
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I guess there are those people who think you can have something without the risk of side effects. What would people have said if Easy Al had said No to interest rate cuts?
BTW, the easy money still flowing into the venture capital world has Easy Al to thank...
Greenspan says he didn't foresee the subprime crisis. Want to know who did see it? Barry Ritholtz did. Barry Ritholz for Fed Chairman. If that's not possible then a gold standard please.
Easy Al cut rates to 1% --those were generational, 46 year lows -- and then kept them there for over a year.
Inflation, $80 oil, the dollar at 15 year lows, the entire housing/credit crunch/CDO debacle -- he never met at problem that wasn't addressed via more liquidity. That's why he gets the blame.
At the risk of his legacy, he needs to take some responsibility for what he has wrought . . .