Greenspan was a disaster. I dont comprehend why the economy needs to babysat all the time. Look at 1929 depression, it would have been less of a disaster if the government had not tried to help.
While I agree that Greenspan was no Maestro, I think you sell Warsh a bit short. after all, he has only been in the office for a month. seems a bit early to declare his tenure a failure. Let's see how it plays out
Thank you for this excellent summation (and explanation) of Greenspan’s tenure. It was so helpful for me as a lay person to read this! I lived through that era and was always disturbed by what emanated from his lips at press conferences in front of fawning media and financiers. The absolute consolidation of power that was outside Constitutional restraint was (and remains) horrifying. So thanks for explaining to me why I was so irate at his Fed at the time. Can we sell the tennis court to add a few dollars to the Treasury?
"The boom can last only as long as the credit expansion progresses at an ever-accelerated pace."
— Ludwig von Mises, Human Action
Central Bank credibility erodes as fast as they counterfeit currency.
Great article.
Someday soon, the Fed will be the one in need of a bailout. Corruption never lasts forever.
Greenspan was a disaster. I dont comprehend why the economy needs to babysat all the time. Look at 1929 depression, it would have been less of a disaster if the government had not tried to help.
While I agree that Greenspan was no Maestro, I think you sell Warsh a bit short. after all, he has only been in the office for a month. seems a bit early to declare his tenure a failure. Let's see how it plays out
Thank you for this excellent summation (and explanation) of Greenspan’s tenure. It was so helpful for me as a lay person to read this! I lived through that era and was always disturbed by what emanated from his lips at press conferences in front of fawning media and financiers. The absolute consolidation of power that was outside Constitutional restraint was (and remains) horrifying. So thanks for explaining to me why I was so irate at his Fed at the time. Can we sell the tennis court to add a few dollars to the Treasury?