no, he really didn't have a choice, although some of us would care to believe that somebody who should honestly know better would have protected us from ourselves...
for those who criticise Greenie (and believe me, i'm at the top of the list) go to a library and read microfiche of the WSJ and other financial press post the "irrational exuberance" remarks. the vitriol aimed at the man is simply unbelievable; i thought so at the time, and especially think so in retrospect. i very distinctly remember driving across the Dumbarton Bridge (yes, i used to live in SF) and remarking to my partner (actually, he was driving) as i read a selection of quotes from folks about how Greenie shouldn't target the stock market et al in the WSJ and the SF Chronicle. how these people were such friggin' morons, that we couldn't all be rich, etc etc etc. and this was BEFORE the bubble even really got going.
the fact of the matter is that we Americans are, on the whole, fat, lazy and STOOPIT. one need only look at the ratings for Bill OReilly to know this is true. my wife often jokes about something she calls the 'marshmellow test' -- it is apparantly a test that they give little kids where they promise if you don't eat the one marshmellow for 30 minutes you'll get another one (something about delayed gratification and the ability to sacrifice for something better down the road). we fail the marshmellow test. social security -- let the next guy take care of it. medicare -- well, its going bankrupt, but we have a lot of old people, so let's ADD a $400 billion drug benefit. taking the punch bowl away in 1996 -- dude, you are wrecking a great party.
the current 'recession' is a case in point. people are whining about how "bad" the economy is. give me a farking break!! were any of you god damn morons ALIVE in 1991, or for gods sake 1974? we are in friggin' PARADISE compared to either one of those times. people have lost all sense of historical perspective, and think they are entitled to a 8-figure portfolio.
the point being, that on some level, Greenspan was really at a loss to do anything, because WE would not have let him do it. any more than WE are willing to let him do it now.
now, this of course does not absolve him of responsibility. our elected and appointed officials are supposed to be able to stand above the imbecile masses and do the right thing, but they are incapable of that, and have been largely incapable for the last 40 years. they do the expediant thing, rather than the right thing, mostly because all this change happens at a relatively glacial pace, so any problems bourne of any decisions you make will come home to roost on somebody else's watch.
but the point is that we KNOW that Greenie knew better, based on his past writings. if there had been a CFZ in 1966 Greenie would have been the thread moderator (Luc for Fed Chairman in 2014, with Shack as treasury secretary -- now there's an idea <g>). but he was boxed in, and unfortunately like so many others he took the easy way out. so yes, its his fault, but we must remember that HE is really just a manifistation of US.
its late, i've had half a glass of wine too many, and now the baby wants her midnight bottle (and a 5 cent an ounce formula tax credit; 7 cents an ounce if we use powdered formula and 9 1/2 cents an ounce if we use bottles made of recycled plastic). sorry for the rant.
Cheers |
