Greenspan: "I Suck"

Thursday, October 23, 2008 | 02:30 PM

That essentially was Easy Al's testimony:

Former Federal Reserve Chairman Alan Greenspan said a ``once-in-a-century credit tsunami'' has engulfed financial markets and conceded that his free-market ideology shunning regulation was flawed.

"Yes, I found a flaw,'' Greenspan said in response to grilling from the House Committee on Oversight and Government Reform. "That is precisely the reason I was shocked because I'd been going for 40 years or more with very considerable evidence that it was working exceptionally well.''

Greenspan said he was ``partially'' wrong in opposing regulation of derivatives and acknowledged that financial institutions didn't protect shareholders and investments as well as he expected.

"We cannot expect perfection in any area where forecasting is required,'' he said. "We have to do our best but not expect infallibility or omniscience.''

Part of the problem was that the Fed's ability to forecast the economy's trajectory is an inexact science, he said.

"If we are right 60 percent of the time in forecasting, we are doing exceptionally well; that means we are wrong 40 percent of the time,'' Greenspan said. "Forecasting never gets to the point where it is 100 percent accurate.''

Discuss amongst your selves -- Greenspan: Bad FOMC Chair, or the Worst FOMC chair?


Source:
Greenspan Concedes to `Flaw' in His Market Ideology
Scott Lanman and Steve Matthews
Bloomberg, Oct. 23  2008
http://www.bloomberg.com/apps/news?pid=20601087&refer=&sid=ah5qh9Up4rIg

Thursday, October 23, 2008 | 02:30 PM | Permalink | Comments (153) | TrackBack (0)
de.li.cious add to de.li.cious | digg digg this! | technorati add to technorati | email email this post

bn-image

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c52a953ef010535ae3738970b

Listed below are links to weblogs that reference Greenspan: "I Suck":

Comments

Well, if you ask that "free market" ideologue fraud Stephen Moore, he would say that Greenie is the best Fed Chairman we've ever had (not sure that says much, however)......

What do I say? I would say the jury's still out but if this market/economy truly falls apart like I think it could, I would say he's the worst ever, by far.

Posted by: Jeff M. | Oct 23, 2008 2:33:04 PM

The comments to this entry are closed.



Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      

Archives

Complete Archives List

Blogroll

Blogroll

Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:


Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites

FeedBurner


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo

Disclaimer

Disclaimer

Odds & Ends

Site by Moxie Design Studios™

FeedBurner