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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (211080)	12/9/2012 8:51:42 PM
From: JohnM	Read Replies (2) \| Respond to of 541694

Greenspan apparently believed in the "efficient markets" theories. Even when the evidence against them had grown to overwhelming. More than a few books on how the last, say, fifteen years have blown that out of the water. Not Krugman. I've seen Steve's evidence of Krugman and the housing bubble. I suspect, given the timing of those quotes, he was in very good company. I also recall that as Dean Baker and others were talking about selling their houses and camping out in the local park as a way to carry themselves through the coming housing crisis, Krugman was one with them.

To: bentway who wrote (211080)	12/9/2012 9:03:41 PM
From: neolib	Respond to of 541694

Even worse, Greenspan started to lecture on the evils of the Government running balanced budgets near the end of the Clinton years because this would totally screw up investment which needed the large stable US Treasuries market or all hell would break loose. He actually made that argument.

To: bentway who wrote (211080)	12/10/2012 10:00:47 AM
From: Steve Lokness	Respond to of 541694

<<<<< He was obviously as wrong as wrong can be>>>>> Of course he was and Greenspan at least has the intellectual honesty to admit it now. I'm no fan of Greenspan as he helped in no small part in creating the mess we now find ourselves in. BUT it is simplistic and very wrong to try to pin the housing mess on one person.