Too Big To Fail

October

Remember when Alan was the infallible pontificator? All he had to do was scratch his nose and markets moved reciprocally in giddy excitement. Those were the days. It was sad to see his famously drooping face on the front page of newspapers this week as he confessed to a complete disbelief at the spectacular failure of his well-reasoned economic philosophy.

He acknowledged that under his Fed. leadership, interest rates had been kept too low for too long, the market should have been better regulated, and that free markets don’t necessarily painlessly “correct” themselves. Ooooh well.

This entry was posted on Saturday, October 25th, 2008 at 6:13 pm by Matt Davies.
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3 Responses to “Too Big To Fail”

Jeremy October 26th, 2008 at 4:40 am
Hi Matt,

Isn’t it strange that the same person contributing perhaps the most to making America’s market’s less free (remembering that a central bank was one of the planks of the communist manifesto) blames some of the current problems on free markets not being able to adjust painlessly?
maryann October 26th, 2008 at 5:29 pm
I loved Matt’s Sun. cartoon. If Greenspan is shocked that the banks didn’t police themselves, I am appalled that “King Alan” wasn’t looking out for me…I was a big fan.
Purity October 27th, 2008 at 3:09 pm
Greenspan sure wielded alot of power and influence in those “giddy” days. I guess he fell victim to his own reputation for infallibility…a sad case of absolute power corrupting absolutely. Like alot of the Wall St. guys he took a punt on his own financial model “the new paradigm” and like in 98 and 08 the model didn’t work out. Time for the incoming President to look at limiting the Fed governorship to a maximum of 2 terms only?

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