January 29, 2006

Greenspan leaves (finally) this week - post your goodbye comments here

Dear Alan;

History will not be kind.

But then again, your short-sighted views, your fascination with power and celebrity, and your endorsement of out of control spending, pure naked greed and get-rich-quick bubble schemes is very representative of the culture, so I don't fault you - I fault the society you were allowed to lead.

Enjoy your time off and $150,000 appearance fees.

Sincerely

Housing Panic

17 comments:

Anonymous said...

I expect his successor to carry the torch - there is an entire new generation of investors and bubble-brained, get-rich-quick afficionados. Most of us learned our lesson six years ago. But some people never learn. The harder and faster the fall, the better for me. Bring it on.

Mover Mike said...

He could have been true to his Gold philosophy and writings and made a positive difference. But Noooooo!
Mover Mike

Wes D said...

I think Greenspan was a little too political in the end. He supported tax cuts even though he knew that it was a short term fix to a long term problem. Monetary stimulus on the economy is a pretty new phenomenon of supply side economics. Now he has changed his position and parades against the growing twin-deficits (trade and budget).

I don't think Gspan will be remembered fondly in history books, but once Helicopter Ben has to clean up the mess that's left everyone who doesn't understand simple economics (95% of the population) will be longing for a return of Alan G.

Grinch34 said...

At this point I do not think Humpty Dumpty can be put back again.

000000000000000000000000000000000000 said...

I always thought there was allot in a name. Hence Greenspan suggests lots of money over a long period of time. Bernanke however suggests that I will be burnt, starting with my ankles and ending with other parts of my anatomy! Ouch!

grim said...

I hope Greenspan becomes more vocal once out of the Fed position. It's very likely that he has been showing restraint when talking about housing, quite obviously due to his position. He may just have one more "irrational exhuberance" speech left.

Grim
Northern NJ Real Estate Bubble

Anonymous said...

Its not about Greenspan or Helicopter Ben. Its about central banking itself.
Central banks are a banking cartel
that 'fixes' interest rates - the root
of all problems. Interest rates should
be market driven. Gold is the real currency and not fiat money.

the banker said...

Goodbye Alan. In your 18 years (starting in 1987), here is what you have brought to all of us in the U.S.:

- The U.S. economy (gross domestic product) has expanded 72 percent, and its growth rate has outstripped that of virtually every other advanced country.

- The number of payroll jobs increased by 32.1 million (31 percent) from August of 1987 (Greenspan's first month) to December 2005.
There have been only two brief recessions, those of 1990-91 and 2001, lasting a total of 16 months.
Business productivity has risen about 50 percent since 1987.

- Interest rates dropped from 8.39 percent on 10-year Treasury bonds and 9.31 percent on 30-year mortgages (1987 averages) to 4.5 percent and 6.1 percent.

- The Dow Jones industrial average quadrupled from 2,680 on Greenspan's first day (Aug. 11) to 10,919.

Alan - I wish you continued prosperity, and hope your successor continues your amazing run of economic leadership.

Best Wishes,

The Banker

Anonymous said...

Well Drudge says that Alan Greenspan is just now learning the internet! Now he will read what we really think of him! Remember his is "SIR" Alan thanks to the Queen across the pond! Hey Keith call on Queen Liz and ask what she was drinking that day!

Alan ran up the interest rates and doomed many small dot-com upstarts to failure. Then he ran them down and created our beloved HOUSING BUBBLE! ..... oh excuse me FROTH!

So in his global dreams as he and others take the middle class into a nose dive..... by creating the foundation for the greatest debt buildup in history! Of course as America lost ground in real wage spending and savings, the FAMILY HOUSE becamse Alan and his croney's ATM machine to gin up a debt machine that was BROKE..... Result... greatest Wall Street Bonus's in HISTORY 21 BILLION!

And what did YOU get for it! Credit card debt, mortgage debt, high real estate taxes, and a Bubble valued home!

I just wonder were Bernanke will pull the debt from this time around? Credit cards, mortages, pay day loans ALL MAXED OUT!

foobeca said...

Looks like "the banker" needs to do some research about Kondratieff cycles. BTW, it's bankers and banks acting stupid that cause despressions (K winter).

Most of the 72% of the GDP growth has occured due to population growth, inflation miscalculation, and excessive debt creation. There has been little in the way of real productivity and per capita income gains.

AG: Don't let the door hit you on the way out. You really ought to be taken out back to the woodshed.

Anonymous said...

Kondratieff cycles.....funny stuff.

Greenspan may have his faults, but at least he does not base his economic policies on a theory that predicts a recession every 54 years.....

Funny stuff.

Nathan said...

Moman: Monetary stimulus=tax cuts??? really? and you think the rest of the country doesn't know basic economics. Re-read your textbook. Fiscal stimulus results from tax cuts, and monetary stimulus comes the Fed (ie. printing more money). Running fiscal deficits (ie. cutting taxes) is actually very Keynesian, not necessarily supply-side, as is running budget deficits.

I am not a huge fan of the Greenspan Fed, I think he's a little too manipulative, but I think he's demonstrated that the economy can run faster than it was thought to be able to.

foobeca: Where do you get your data on lack of real productivity gains? Just curious.

Wes D said...

Okay so grill me over a misstatement. A vast majority of people have no understanding of simple economics.

Grinch34 said...

Nathan, the problem is that the middle class (economic engine) is actually being taxed more by way of higher medical premiums, higher property taxes, higher gasoline prices, higher home prices and higher prices of basic necessities.

mellinhead said...

I would like to personally thank him for taking the american dream away from my family. I live in New England and even with an ok income and alot of savings I can never comfortably afford any sorta of home. Thanks for punishing responsible folks and rewarding rampid consumption!

Anonymous said...

Under his rule I have no choice but to be a voluntary slave worker, chasing the carrot but never reaching it.

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