|I am done reading and thinking about the Greenspan speech. Just so Mish would not accuse me again:|
Have you no mercy?
You are done thinking about it and you shamefully ask us to think about it rather than doing our thinking for us. ggg
Here is Greenspan's speech in plain English:
For 18 years, the Feds led be me, the supreme highness of the universe, did not have a clue what we were doing. So we think the economy is zigging so we zigged faster. As it turned out, the economy is really zagging so we zagged. In the end, we just decided to roll up all those zig-zag reports and had one hell of a smoke. Now that the party is over, it is time for me to get the hell out of here and let someone else clean up my mess.
There was a comment on CNBC the other day that I thought was most appropriate. Someone asked when was Greenspan going to practice economics instead of egonomics. I still believe that 10 years from now, every econ 101 textbook is going to start with -- "..... during the Greenspan fiasco years ......"