Thursday, February 19, 2009

Greenspan, where you wrong in your management of the US economy? "Er...partially." [VIDEO]

clipped from
Former Chairman of the Federal Reserve Alan Greenspan testifies before the House

Generally, his critics argue that Greenspan kept interest rates too low for too long, resisted regulative efforts that could have prevented much of the meltdown and didn’t do enough to stop speculative bubbles in the stock and housing markets before they grew large enough to damage the entire economy.

“If he would just shut up and go away, there would be no need to personalize this,” said hedge fund manager William Fleckenstein, who authored a harshly critical book on the former fed chief in 2008 entitled “Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve.”

“But he won’t shut up and go away, and he’s trying to play for the history books,” Fleckenstein said. “But he has only one place in the history books, and that is as the author of this chaos that’s nearly vaporized the world’s financial system.”

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