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View Diary: Open Source Research Project: Alan Greenspan (284 comments)

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  •  Posted thie previously (4.00)
    More Greenspan flip-flopping (i.e. shilling) (none / 0)

    From a Washington Post article back on January 21, 1999:

    Greenspan, reflecting a wave of criticism that surfaced yesterday, contended that by pouring billions of dollars in Social Security reserves into Wall Street for the first time, the government inevitably would mingle politics into its investment decisions and would not produce the kind of returns that the administration hopes for. He also raised concerns about whether the government would end up in the business of picking which American companies are worth investing in.

    "There is really no strong evidence to suggest any positive aspects of moving Social Security funds into equities," Greenspan, the chief architect of the government's last major revisions to Social Security 16 years ago, told members of the House Ways and Means Committee.

    That is the money line...

    There is no evidence to suggest any positive aspects of moving Social Security funds into equities.

    Thank you Mr. Greenspan.

    cheers,

    Mitch Gore

    Nobody will change America for you, you have to work to make it happen

    by Lestatdelc on Fri Mar 04, 2005 at 11:42:09 AM PST

    •  that's the money quote (none)
      right there. Well Done.

      Let the Democratic Reformation Begin

      by Pounder on Fri Mar 04, 2005 at 12:07:30 PM PST

      [ Parent ]

    •  Good Catch. (none)
       More of a tool than an flip-flopper though.

      Considering that he used to support lowering the deficit under Clinton and now doesn't think it's anything to worry about.

      He's not pschizophrenic, or really a flip-flopper at heart, he's just such a tool that he says whatever anyone who pays him the most wants him to say and in return they sing his praises.  

      His predictions, supposedly based around "vacuum cleaner sales in Iowa", are part of how he learned "to mumble with great incoherence."  i.e. a cover.

      a breakdown of his suspiciously accurate predictions in the 80s (pdf).  

      •  About his Prediction Accuracy (none)
        Why would anybody give the Fed Chairman credit for market predictions?  He controls the Federal Reserve for crying out loud.  The organization that controls the amount of money that's printed and the interest rates.  He can easily say, "the economy will rise next week"  and print up enough money so that it does rise.

        Maybe inflation will eventually get out of control, but in a short term situation he can make the markets do whatever he predicts.  He is no wunderkind.  He is a tool.

        Also: criticism from Kevin Drum

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