David,
I am not a WSJ subscriber so I can't read the whole article. I saw the depressing speech and portions of the Q&A that CNBC broadcasted. Based on your post, I believe Greenspan was quoted out of context.
He and Rubin had no solution except to give IMF more money. The trashing of IMF I think were from Sanders (some senator?) , who presented a much more thought out opinion against the IMF than whatever Greenspan mumbled about.
Frankly, I am not longer amused by this Greenspeak stuff. His ego is now far larger than his brains. His contempt for the audience yesterday was all too apparent. Joseph Kennedy asked him a good questions. After a few minutes of typical Greenspeak, Kennedy finally gave up and said something like - Mr. Chairman, you are miles away from my question, I know you are going to dance around the question anyway so don't bother trying to answer anymore.
Sanders asked a very intelligent question, though a little excited and critical of the IMF in his delivery. Greenspan responded simply by disagreeing with no reasoning, treating Sanders as if he is a moron.
Playing these stupid mind games in front of capitol hill accomplishes nothing for economies around the world at the verge of collapse. He is so over rated that if we are counting on him to prevent a recession here, not to mention saving the economic world, good luck.
I don't know if the appearance is repeated on CSPAN or anywhere. It is well worth watching, though depressing, if you have a chance.
Ramsey |
