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GREENSPAN: THE FED FAILED

18 March 2010 by Cullen Roche 4 Comments

Must read here by Alan Greenspan. In this newly released paper he discusses the causes of the financial crisis and the Fed’s failures leading up to it. Interestingly, we continue to implement many of the same strategies that Greenspan admits were a failure and have done little to resolve the other causes.



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Comments
  • percolator

    TPC, this is a must read?

    I believe in a reply to one of my comments you called Greenspan an idiot and said you’d pass on reading anything the Maestro wrote.

    Sorry, I couldn’t resist.

    I’m not going to waste my time reading it as I’m sure he admitted no wrong doing or contribution to the crisis on his part.

    03/18/2010 at 3:03 PM
    • Cullen Roche TPC

      This is actually quite a good read. If I did say that then I stand corrected or I am just a plain hyopcrite :-)

      03/18/2010 at 4:05 PM
  • Sankalp

    A very good read :)

    I fail to understand all the anti-greenspanism. He is one of the most knowledgeable people around. Yes, he perhaps underestimated the power of a bubble and put too much faith in classical economics, but it is pure non-sense when people claim that he did nothing despite a crisis staring him in his face. Greenspan was in fact the one of the first ones to inform people about a mortgage crisis as early as 2005.

    I always suspected that his hands were tied due to political pressure.

    03/19/2010 at 3:26 AM