Dean Baker on Alan Greenspan

Former Federal Reserve Board chair Alan Greenspan shared his wisdom on Face the Nation yesterday. His wise words were presented in the top of the hour news segment on Morning Edition.

Greenspan is best known for being unable to see the $8 trillion housing bubble, the collapse of which wrecked the economy. Given Greenspan’s obviously limited understanding of economics, one wonders if Face the Nation and NPR were unable to find a street drunk to share their views.

From “Greenspan on Face the Nation and Quoted on NPR“, posted on The Center for Economic and Policy Research website, by Dean Baker.

To some extent, Greenspan could symbolize the stupidity of America’s ruling elites.  Village idiots elevated to prestige and power.

6 thoughts on “Dean Baker on Alan Greenspan

  1. ” What I think the S&P thing did was to hit a nerve that there’s something basically bad going on…” Greenspan.

    I was fascinated by that televised interview. First, yes, that they would bother to ask him (rather like interviewing the axe man after the beheading) and then that he didn’t sound quite as crazed as I expected. He perfectly logically stated that we should simply print some more money…why didn’t I think of that?… but he avoided mentioning Ayn Rand, so he’s got that going for him.

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  2. A poster boy for the nation’s ruling elites? The only problem is there are so many to choose from. Maybe we should break it down into categories distinguished by types of stupidity, i.e. “The Idiotic Economist”; and one of my personal favorites, “The Batshit Fundamentalist (who can’t find his own ass to wipe it, let alone pull his head out of it)”? That could be a fun post.

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    • It’s hard to call a man competent who misses an 8 trillion dollar housing bubble which, when it bursts, nearly destroys the world economy. There are tens of millions of people worldwide who owe a good chunk of their current hardship to Greenspan. Of course, you’re right he’s not the only idiot in power in this country. We’d need a pretty long list for all of them.

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