WSJ take on Greenspan's new book

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graphrix_IHB

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<a href="http://online.wsj.com/article/SB118978549183327730.html">Greenspan's book comes out on Monday.</a> It seems that he has some pent up frustration from not being able to discuss politics.
 
<a href="http://www.ft.com/cms/s/0/31207860-647f-11dc-90ea-0000779fd2ac.html">Mr Greenspan told the FT that froth “was a euphemism for a bubble”.</a> But he said “all the froth bubbles add up to an aggregate bubble”.
 
According to the press, Greenspan said that fed rate will be in the teens if we need to keep the inflation at 1 to 2%....
 
<p>123, just throw a few more <a target="_blank" href="http://www.shadowstats.com/cgi-bin/sgs/article/id=340">hedonic adjustments</a> into the CPI. Poof, inflation is contained.</p>

<p>Who says we can't have our cake and eat it too? </p>
 
<p>In addition, we'll keep toying with the GDP deflator so that we can continue to count some of that inflation as "economic growth."</p>

<p>It's a totally new paradigm!</p>
 
Krugman blasts Greenspan on his revisionist history:





<a href="http://economistsview.typepad.com/economistsview/2007/09/paul-krugman-sa.html"> http://economistsview.typepad.com/economistsview/2007/09/paul-krugman-sa.html</a>
 
<p>>>>IR - That kind of worries me. Greenspan has a close to 100% track record of being wrong.<<<</p>

<p>No doubt. Greenspan could have just jinxed it for us.</p>
 
Wait a second. Does anyone know what AG did before the public life? It sounds very similar to what he is doing now but back then he wasn't that successful. That one recession out of four he got right was a fluke. Oops he missed how bad the subprime and secondary mortgage market turned out to be. Ugh can someone bring back Volcker please?
 
as a fed chairman, saying " i didn't see the subprime proglem coming" is just not acceptable in my opinion. Make it worst, I think he repeatedly said there is no bubble I remember it correctly. Now saying there is a bubble, and the housing is going down a lot more from here....I think he is too old to think straight, and the high flying on a small PIMCO jet probably is making him show his age...
 
Link to some of the Greenspan's 60 minutes interviews





<a href="http://www.cbsnews.com/sections/60minutes/main3415.shtml">www.cbsnews.com/sections/60minutes/main3415.shtml</a>





IR, you should be proud of yourself. . .you had more insight than Greenspan
 
Here's a link to an article on Ayn Rand that has some stuff about Greenspan's connection to her I found interesting:





<a href="http://www.nytimes.com/2007/09/15/business/15atlas.html?em&ex=1190174400&en=c6fc1c1b0f70b13a&ei=5087%0A">Ayn Rand's Literature of Capitalism</a>
 
WASHINGTON (AP) -- Alan Greenspan said the odds of a recession have grown since earlier this year, even though "the economy is not doing badly at this stage."

<p>In an interview with The Associated Press on Monday, the former Federal Reserve chairman put the odds of a recession at greater than one in three. "But best I can judge, it is less than 50 percent," he said.</p>

<p>Greenspan, in the interview, predicted house prices would fall farther, although he didn't say by how much. He also again defended himself against critics who blame the Greenspan Fed for holding short-term interest rates too low for too long, feeding the housing boom.</p>
 
<p>Inflation is dead? <a target="_blank" href="http://bigpicture.typepad.com/comments/2007/09/reports-of-the-.html">Maybe not</a>.</p>

<p>Please... No cuts.</p>
 
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