To: foundation who wrote (9101 ) 9/9/2006 4:56:15 PM From: Maurice Winn Read Replies (1) | Respond to He's having fun. But in explaining his second error, he makes a third:My second error lay in thinking that the U.S. economy had maxed out on debt in the early 1990s -- so much so and that there would be no way we could inflate ourselves out of the hole. In fact, in the perspective of economic cycles that stretch out over generations, there was still enough oomph in the recovery phase of the early-to mid-1990s to buttress the massive asset-giveaway that characterized the S&L bailout. "Bill" Seidman is a genial presence on CNBC these days, but had it not been for a felicitous upturn in the U.S. economy in 1991, he would be reviled in history as the man who presided over the biggest financial-system failure in U.S. history. As it stands, that role has been preserved for Alan Greenspan, whose failures will be vastly larger in scope than any that could have been imagined in Seidman’s bureaucratic heyday >
