Greenspan on Letterman Show (10-9-07)

[jazz4cash]

Anybody catch this? I did fall asleep, but not before being highly annoyed by Dr Greenshades. I formed the opinion awhile ago that former Fed chairman should just shut up, but this is getting ridiculous. All his comments were in the PRESENT tense, as if he's still THE MAN. And I usta think he was a great American, if imperfect as head of the Fed.

 

[d]

if imperfect as head of the Fed

meaning you would have done better?

 

[chinaco]

The man is an economist. He is still working. His opinion is respected by business and government.

What would you do if you were in his shoes?

I think it is fine that he has comments about the state of our economy and government spending, etc...

 

[tightasadrum]

Hey jazz4cash,

The man is hyping his new book. Cut him some slack. Besides, he's become a sideshow act that people marvel at due to his tortured use of the English language to describe economic issues.

 

[kcowan]

Anyone who expects an 80yo economist to predict what will happen to the economy has unrealistic expectations. I think most people just resent the fact that he created the conditions that enabled the housing bubble and the subprime mess to take flight.

 

[steve88]

How can greenspan not know about the subprime mess during his term?

At the height of the housing bubble he came on tv to tell everyone to switch to arms?

 

[FinanceDude]

Greenspan is trying to save his reputation. Bernanke is probably drinking Scotch and laughing his ass off at the "crazy old man"..........

 

[cute fuzzy bunny]

At the height of the housing bubble he came on tv to tell everyone to switch to arms?

He said that while he was raising rates and fully intended to continue doing so.

It was a nice deal for his banker buddies, but it seems to have gotten a little out of hand.

Absolutely the worst possible financial advice that someone in a position of power could have given. Its not hard to understand how this mess happened: realtors, mortgage agents AND the head of the federal reserve all told them it was a good idea.

It was only a good suggestion if you planned on refinancing after a year or two to a fixed (and had the credit to pull it off) or only planned on keeping the loan for a couple of years.

I stopped listening to Greenspan after that comment.

 

[TromboneAl]

The man is hyping his new book.

Someone suddenly realized that few people are going to want to read a book about economics, so that sent him out on the hyping trail to justify his 8 million dollar advance.

 

[ronin]

Passed by a TV today at lunch that was tuned to the View and Alan was on with his mate, Andrea. Boy was he quiet. Last question Barbara Walters asked was if we are headed for recession. His answer: "I presume not." Refreshingly concise.

 

[kcowan]

On another interview, he said the chances of recession were 50-50 and that was an update to his earlier forecast that there was a 30% chance of a recession.

 

[jazz4cash]

meaning you would have done better?

No.........meaning he was imperfect as chairman of the Fed.