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February 12, 2009

Comments

StrawmanCometh

“If we tried to suppress the expansion of the subprime market, do you think that would have gone over very well with the Congress?”
or with Andrea

matt

I think he must have gotten a lot dumber once he got married......

matt

I think he must have gotten a lot dumber once he got married......

narciso

Will someone point out that raising interest rates, consecutively, 18 times would have that effect he was talking about.

kim

Is he completely missing the point that if he had done something the effects would not have been as bad as doing nothing. It's like he ran from the squirrel a few years ago, to be devoured by the wolf today. I hope historians skewer him.
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MayBee

I think he got a lot dumber just before he got married.

bad

Don't blame Greenspan, he was mesmerized by Andrea's beauty. Aren't we all?

kim

The more I think about his comment the angrier I get. So he didn't have to deal with a little problem, now we have to deal with this big problem?

It's insulting that he'd tell us that, and discrediting to himself. Maybe he's losing it.
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bgates

We could have basically clamped down on the American economy, generated a 10 percent unemployment rate,

Thank goodness we dodged that bullet.

If we tried to suppress the expansion of the subprime market, do you think that would have gone over very well with the Congress?
Obviously the idiots now screaming for more regulation would have screamed had there been more regulation. They are idiots. Is there no one in DC who understands economics and will endure (gasp) bad press in the course of pursuing policies that benefit the country?

Mark O

Have you read his book, "I Married a Troll?"

LindaK

As I recall, he also suggested that people take adjustable mortgages, just before rates went up. Financial genius, Crazy Al.

kim

"Do you think that would have gone over very well with Congress?". Correct me if I'm mistaken, but isn't his position designed to be independent of Congressional influence. Is he admitting to dereliction of duty?
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kim

OK, if you hear a loud noise, it's me going off.

Greenspan admits to dodging a little bullet, thanks bgates, in order to set us up for the cannonball. And then admits to being afraid of Democrats in Congress.

Can we impeach him?
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Alan

Greenspan should have behaved as a technocrat, but instead he chose to be a politician like most economists nowadays.

kim

It must be terrible to get old and realize you're a coward.
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kim

Worse, that your cowardice helped wreck a whole civilization.
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bad

It must be terrible to get old and realize you're a coward.

That probably pales in comparison to being old and realize you are married to Andrea.

D'ya s'pose he prays for for senility to advance quicker?

kim

Maybe he's drowning his troubles from the same medicine bottle Andrea excuses her moments of candor from.
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peter

Considering he once dated BABA WAWA, Andrea Mitchell must seem like a step up. Doddering old fool. What havoc Viagra wreaks.

jimmyk

Another way to read this is that he is none-too-subtly pointing the finger at Barney Frank and Chris Dodd. Anything he could have done at the Fed would have been undone by Congress.

Narciso, you are right--the rate increases were a blunt instrument to clamp down, like blowing up the house to kill the flies.

Kilo

"Narciso, you are right--the rate increases were a blunt instrument to clamp down, like blowing up the house to kill the flies"

Any other topics you are completely ignorant about that you'd like to offer your thoughts on ?

kim

Ah, does Kilo understand it all? Enlighten us, please. Better yet, get ye to the Fed. Your indispensability is critical for our nation's future.

Now that I've snarked, I'm not sure what the two meant either. I asked earlier if the rate increases from 2004-2006 were just Mr. Mitchell behind the 8-Ball.
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kim

And I like jk's suggestion that Mr. Mitchell may be pointing at the true culprits.
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narciso

I'm sorry to be so cynical, about the author of "Turbulence in the Eye of the Storm" (check with Amazon, for the correct title)but not signaling that Dodd, Frank,
& Waters,among others, were direct beneficiaries of the forces, distorting the economy, really was a waste of time. Actually, considering that the engineer of the 20s boom and bust, George Strong, was
safely dead by '29, he looks better than Greenspan does today. And hindsight isn't 20/20 either ,because a similar gas price
and interest hike in 1999-2001, helped pop the previous bubble, and brought to power
the pale copy of the Obamas, the Kirshner, after helping to discredit the free market
bonafides of the likes of Menem.

Greg Ransom

SO Greenspan actually did know his Hayekian economics after all: correct the mistakes of the Fed right now at a small price -- or correct them later at a much bigger price.

Greenspan chose to do what was good for Greenspan at the time -- kick the can and have good times while he was in charge -- making things far worse for all of us after he was out of office.

Way to go Greenie.

bad

Yeah Greg. Andrea threatened to keep having her way with him unless he did her bidding.

glasater

Judd Gregg is withdrawing his nomination from Commerce.

jimmyk

Any other topics you are completely ignorant about that you'd like to offer your thoughts on ?

I suspect I know a bit more about this stuff than mr. kilo, who sounds like he may have had a kilo or two too many.

Yes, in theory the Fed is supposed to be independent, but this "independence" is always at the mercy of our beloved Congress. As a consequence, every branch of the Fed has, for example, a "Community Affairs" department that, among other things, helps implement the Community Reinvestment Act, and which pays no attention to the economists trying to explain why it's a bad idea.

I think Greenspan was somewhat cowardly, but he did speak out about FM/FM, and a lot of good it did.

As for the rate increases, I'm not sure what the misunderstanding is. They left rates too low for too long, and kept increasing them because they were concerned about inflation. As happens again and again, by the time they realized that the economy was imploding, it was too late.

clarice

You thought the man who married Andrea Mitchell was smart?

Analien

Nice to know that Greenspan is now telling Americans that he did not have the spine to do what was right. He wanted everyone to keep believing he was the indispensable Mr. Economy. What an idiot.

flodigarry

"Dumb" and "Dumber". Alan/Andrea; pick 'em.

It constantly amazes me that Andrea is still on the air. Even before her role in the Libby affair, she was just so ignorant/clueless (pick 'em). Apparently credibility has low value among some news organizations.

jt007

I don't understand his claim that there was no middle ground. It was either a bubble or 10% unemployment? Interest rates were really low for what 4-5 years after 9/11? Even as the prices of gasoline and food went through the roof he was reluctant to increase the rates.

Thomas Esmond Knox

It looks as if 9/11 has been forgotten.

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