Sunday, October 26, 2008

Quote for the day - Alan Greenspan [update]

As if he was speaking yesterday, instead of when he just retired:

" Relying on policymakers to perceive when speculative asset bubbles have developed and then to implement timely policies to address successfully these misalignments in asset prices is simply not realistic."

The success of Greenspan himself in producing several speculative asset bubbles -- not to mention the present disaster that is now bursting in our faces -- is all the more evidence for his observation.

The man has sold out everything he ever said he stood for, for a career only a second-hander could want -- and is revealed now as a fraud, a phony and the living example that one man in charge of a printing press cannot do anything to improve markets, but he sure as hell can destroy them.

UPDATE: Willie's comment nails it:

    I just can't believe this man and the media.
    The evasion is phenomenal.
    Here is the man who sets the price of credit, centrally, proclaiming that his "free market ways have failed."
    WTF!!!??? WHAT free market ways?
    Damn it he sets the price of credit!
    If Alan Greenspan poured water into the petrol tank of a car, and the car failed to start, he would proclaim that petrol has failed the automotive industry.
    The media would nod, the politicians would agree.

I'll have more to say tomorrow, but that summary will be hard to beat.

Labels: , , ,

2 Comments:

Anonymous Willie said...

I just can't believe this man and the media.

The evasion is *phenomenal*.

Here is the man who *sets the price of credit*, *centrally*, proclaiming that his "free market ways have failed".

WTF!!!??? WHAT free market ways?

Damn it he sets the price of credit!

If Alan Greenspan poured water into the petrol tank of a car, and the car failed to start, he would proclaim that petrol has failed the automotive industry.

The media would nod, the politicians would agree.

10/27/2008 07:44:00 am  
Anonymous LGM said...

Willie

Damn right. I can't figure it out either. The man is an utter fraud. He knew better (read what he wrote in "Capitalism, the unknown ideal"). It completely damns him. The oily creep knew exactly what he was up to and why it was wrong.

If you pinned him down on the subject no doubt he'd be mumbling about gradualism and change from within and some such pollution. The oily old git needs a firm kick in the head.

LGM

10/28/2008 05:00:00 pm  

Post a Comment

Respond with a polite and intelligent comment. (Both will be applauded.)

Say what you mean, and mean what you say. (Do others the courtesy of being honest.)

Please put a name to your comments. (If you're prepared to give voice, then back it up with a name.)

And don't troll. Please. (Contemplate doing something more productive with your time, and ours.)

Links to this post:

Create a Link

<< Home