Krugman: "Greenspan continues...to cement his reputation as the worst ex-Fed chairman in history"

[ProSense]

Krugman

Alan Greenspan continues his efforts to cement his reputation as the worst ex-Fed chairman in history; in today’s FT, he comes out for a repeal of financial regulations designed to prevent a repeat of the crisis for which he, more than any other individual, bears personal responsibility.

To be honest, I didn’t know quite how to respond; I was, very nearly, left speechless by the lack of self-awareness on display. But Henry Farrell shows us the way, pointing out that Greenspan’s piece contains this remarkable passage:

Today’s competitive markets, whether we seek to recognise it or not, are driven by an international version of Adam Smith’s “invisible hand” that is unredeemably opaque. With notably rare exceptions (2008, for example), the global “invisible hand” has created relatively stable exchange rates, interest rates, prices, and wage rates.

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[Tippy]

1. K&R for truth

[Skink]

2. translation lower coporate tax rates.

[flpoljunkie]

3. Tragically, Greenspan has no shame.

[benld74]

4. WTF?

[pansypoo53219]

5. has to be said he sucked as fed chairman as well.

even tho it didn't stoop the 2007 meltdown. kevin philips 'american theocracy' must be read. parts 1 + 3. you can pass over the butt fucking boring middle which SADLY meant people didn't read part 3. grteenspan made GWBlivet's election possible by massaging interest rates. he also didn't see a housing bubble? i could see it and i am not an economist. saw the house of cards the republikkkans had built.

[pscot]

6. Maybe Greenspan is being ironic

Nobody could be that obtuse.

[catgirl]

7. What a jackass

[VoteProgressive]

8. Krugman or Greenspan?? nt

[Armstead]

9. Oh....I'm trying to behave....but...

I must point out that President Clinton and a large number ofvthe Democratic Centrists were huge supporters of Greenspan in the 90's. THey could not praise him enough....And they were accomplices on helping to gut regulations and otherwise put his right-wing "free market" policies into practice.

It was only those Pesky Progressives who kept trying to warn against the consequences. And they were being thrown the same kind of "purist leftist" insults that is currently being thrown against critics of similar behavior today.

[Dawson Leery]

10. From Greenspan, October 23, 2008:

"I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms," Greenspan said. Referring to his free-market ideology, Greenspan added: "I have found a flaw. I don't know how significant or permanent it is. But I have been very distressed by that fact."

Now that his bankster friends stole trillions from us, he wants the government to go away.
Alan Greenspan, a follower of Ayn Rand. :puke: