Paul Krugman savages Greenspan- "The Worst Ex-Central Banker in the World"

[n2doc]

Steven Pearlstein reads Alan Greenspan’s new book, and discovers that Greenspan believes that he bears no responsibility for all the bad things that happened on his watch — and that the solution to financial crises is, you guessed it, less government.

What Pearlstein doesn’t mention, but I think is important, is Greenspan’s amazing track record since leaving office — a record of being wrong about everything, and learning nothing therefrom. It is, in particular, more than three years since he warned that we were going to become Greece any day now, and declared the failure of inflation and soaring rates to have arrived already “regrettable.”

The thing is, Greenspan isn’t just being a bad economist here, he’s being a bad person, refusing to accept responsibility for his errors in and out of office. And he’s still out there, doing his best to make the world a worse place.

http://krugman.blogs.nytimes.com/2013/10/20/the-worst-ex-central-banker-in-the-world/?_r=0

[Pretzel_Warrior]

1. The guy personally met and loves Ayn Rand

That tells you all you need to know.

[Yo_Mama_Been_Loggin]

17. He didn't just meet her.

He was an active follower.

[Nye Bevan]

2. "Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble" - Paul Krugman 8/2/02

http://en.wikiquote.org/wiki/Paul_Krugman

http://www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html

Surely Greenspan granted him his wish?

[libdem4life]

3. Krugman. The Conscience of a Liberal. Stands behind his convictions. He is a Liberal.

Thank you, sir. There are still Liberals that are attempting to hold the space. (at least how this old time Liberal sees it) The growing Progressive movement and the crumbling Tea Party are our partners in this shift. The political, cultural and economic pendulum to the Right has paused and now starts it's starting back. Not a moment to soon.

[Cryptoad]

18. Warren / Krugman 2016 !!!!! nt

[Bobcat]

4. Ugh

CBS Sunday Morning did a puff piece on Greenspan this morning. It was an obvious attempt to humanize and rehabilitate him and his reputation as an economist. No mention of his support for continued tax cuts for the rich, no mention of the many errors he has made.

[monmouth3]

8. I tuned in late to see Andrea gazing into his eyes. Didn't know he was also a musician and

from what I gather he didn't either. So he decided to be an economist instead. We all suffered..

[Laelth]

5. k&r for exposure. n/t

-Laelth

[LuvNewcastle]

6. Greenspan should be looked at in the same way people viewed Herbert Hoover.

He was a terrible failure, and nobody should be asking his opinion about anything, unless they plan to do the opposite of whatever he says.

[starroute]

19. At least Hoover did some useful stuff after he screwed up on the Depression

Although there was a lot of bitterness between him and Roosevelt, he got along well with Truman, played a role in the reconstruction of the German economy after World War II, and chaired a couple of commissions to reduce inefficiency in the executive departments.

Hoover had started out as a mining engineer, and though his technocratic approach didn't match the overall needs of the nation, he was competent enough within his own sphere.

[trumad]

7. Read Matt Taibbi's book, Griftopia

He tells you all you need to know about Douchebag Greenspan.

[gopiscrap]

9. I agree

that's why every time I see that shit head Andrea Mitchell on TV I feel like puking...you can just imagine how impartial she is!

[russspeakeasy]

12. + 1

[gopiscrap]

13. thank you!!!

[pansypoo53219]

10. kevin philip's 2006- american theocracy blasted greenspud.

it warned us. unfortunately part 1 of the book great, sadly part 2 BORING + nobody read the MOST IMPORTANT part 3 that WARNED of the coming bubble. shit. i saw the bubble forming in 2004. i met several people who stopped at part 2. i told them to READ part 3. sadly i read it in 2008.

[SheilaT]

24. Kevin Phillips is someone I admire and respect, and I need to read more

of his books. He needs to be all over the airwaves because he is genuinely thoughtful in his perceptions and analyses. He used to be on NPR regularly, but that was years ago.

[Fuddnik]

30. "Bad Money" was probably his best.

He exposed just how politicians distort economic data, such as unemployment figures , and CPI.

[BluegrassStateBlues]

11. Andrea Mitchell should have him on to discuss.

[gopiscrap]

14. they'd both fall asleep in each other's company

[Paulie]

27. As you would expect

Since they are married....

[gopiscrap]

29. Ha ha that's pretty funny

not quite where I was going with that! But funny though!

[roamer65]

15. Any central banker worth a plug nickel would have not done...

what Greenspan did in 2001-02. We were due for a recession and you drop interest rates at bit but do not drop them so low as to create another bubble. All the QE, zero interest rates, unemployment and nearly destroyed housing market we now have can be laid at the footsteps of Easy Al and Bu$h.

[Wolf Frankula]

16. He's Read Atlas Bores, That's All He Needs To Read

Alan the Paranoid Randroid, Mr. Irrational Exuberance when the Democrats rule the roast, Mr. Hopeful Goodcheer when the Rethuglicans are borrowing the country into the poor house.

Every prospective economic official ought to be asked about being a Randroid. If He/She says they are, they should be immediately disqualified.

Wolf

[secondvariety]

20. Another

Milton Friedman creation.

[alcibiades_mystery]

21. Greenspan was on NPR the other day, still running "No serious observers forecasted the crisis."

It was such an obnoxious falsehood that even the thoroughly milquetoast NPR host had to call him on it, though her point seemed to be "Yes, well, some non-serious observers did forecast it."

[Enthusiast]

23. NPR has joined the rest of the propaganda outlets

like C-Span.

[reddread]

33. they have always been there, VOA's domestic partner

the change you see may be your own.

[Enthusiast]

22. Kicked and Recommended!

Thank you, Paul Krugman.

[MindMover]

25. Greenspan = DUH

[leveymg]

26. It's almost as if he's trying to pull a Ronnie Reagan dementia act to escape blame and gain sympathy

Unless of course he really was never REALLY any smarter than the Gipper,and just as committed to RW economic nostrum. I wouldn't discount that possibility.

[malaise]

28. But Greenspan admitted that his model did not work

Is he suffering from dementia?

[toby jo]

31. I read a piece awhile back where Greenspan stated that he learned that

"my mistake was in thinking that the rich would let the money trickle down" or something to that effect. I was impressed that he admitted making a mistake, but god almighty it was a pretty effin big one.

I knew a man once of his generation, he's gone now. But he had the same misperception going. He always insisted that money was better off in the hands of the wealthy because they were good people and gentlemen and would take care of things.

A shared naivety. I hope it's been put to rest.

[JEFF9K]

32. Bad economist, bad person ...

... No wonder he got along so well with Ayn Rand!