I actually worked up the nerve to say this at dinner last night with colleagues and this week's seminar speaker, Matt Harding:
"Y'know, I think there's a better chance that Greenspan will go down in history as the worst Fed chair than that Bush will go down in history as the worst president."
Really, I do.
Here is a fun Greenie slam that includes this great quote from April 2005:
“Where once more-marginal applicants would simply have been denied credit, lenders are now able to quite efficiently judge the risk posed by individual applicants and to price that risk appropriately. These improvements have led to rapid growth in subprime mortgage lending.”
HA!
2 comments:
Was Greenspan really worse than Burns or Miller? Granted they had to deal with much more significant shocks, but it seems a strong statement to say their handling of monetary policy was better than Greenspan's.
I listen to the news in sad amazement: how come they're not blaming Greenspan?
"Market forces have failed and the government has to step in."
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