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Greenspan concurred earlier this year in "USA Today": "Countries that have gone down this path invariably have run into trouble, and so would we."
So tonight I am asking the Congressional leaders and the Federal Reserve to cooperate with us in a study, led by Chairman Alan Greenspan, to sort out our technical differences so that we can avoid a return to unproductive partisan bickering. But just as our efforts will bring economic growth now and in the future, they must also be matched by long-term investments for the next American century.
So tonight I am asking the Congressional leaders and the Federal Reserve to cooperate with us in a study, led by Chairman Alan Greenspan, to sort out our technical differences so that we can avoid a return to unproductive partisan bickering. But just as our efforts will bring economic growth now and in the future, they must also be matched by long-term investments for the next American century.
Even the venerable Wall Street Journal fell in this fashionable trap. In an inflationary turn of phrase, "moral hazard" is now taken to encompass anti-cyclical measures, such as interest rates cuts. The Fed and its mythical Chairman, Alan Greenspan stand accused of bailing out the bloated stock market by engaging in an uncontrolled spree of interest rates reductions. Greenspan."
He consistently sidestepped the thorny issues of just how destabilizing to the economy the bursting of asset bubbles is and how his policies may have contributed to the froth. Greenspan and his ilk seem to be fighting yesteryear's war against a long-slain monster.
In a series of speeches designed to defend his record, Alan Greenspan, until recently an icon of both the new economy and stock exchange effervescence, reiterated the orthodoxy of central banking everywhere. His job, he repeated disingenuously, was confined to taming prices and ensuring monetary stability. He could not and, indeed, would not second guess the market.
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