What a schmuck: The worst central banker in the history of planet earth has a something new to say: U.S. government “activism” — fiscal stimulus, housing subsidies and new regulations — is holding back the economic recovery.

No word on how his central bank activism — ultra-low rates, radical deregulation, and nonfeasance of his regulatory obligations — helped cause the crisis.

Its not that he is a jackass who helped bring the world to the abyss of economic collapse due to his radical ideology — its that he is hellbent on causing the next economic collapse with the same radical ideology. This despite his zombie philosophy being proven so terribly terribly wrong.

~~~

Greenspan is on CNBC Squawk Box right now

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Source:
Greenspan Says Government ‘Activism’ Hampering U.S. Recovery
Scott Lanman
Bloomberg, March 3 2011
http://noir.bloomberg.com/apps/news?pid=20601010&sid=aOWWyVcfnhtE

Category: Bailouts, Federal Reserve, Really, really bad calls

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

24 Responses to “Headline of the Day: Greenspan Says Government ‘Activism’ Hampering U.S. Recovery”

  1. Petey Wheatstraw says:

    That the man still has a public podium from which to speak says more than any opinion Greenspan might actually hold. Track record aside (obviously), he is a credentialed (not to be confused with credible, or even legitimate, at this point) financial “expert” and a committed corporatist. He is useful to their agenda.

    In the US, there’s no longer any such thing as being discredited (unless you are a climate scientist or teacher).

  2. mars10 says:

    By which, of course, you mean Ayn Rand’s zombie philosophy.

  3. royrogers says:

    Barry, I wish that you get an opportunity to have a public discussion with this bafoon on CNBC.

    I always listen to what BR says because there is no BS with BR.

  4. Wes Schott says:

    Asshole, Greenspan, that is…

  5. DeDude says:

    He never was one to let facts get in the way of his ideology. Pathetic thing is that even now that old discredited clown doesn’t think he has to argue his idiotic statements. He just state obvious false things as if they were facts and presume everybody shall absorb them because he is him.

  6. curbyourrisk says:

    If we all want him to go away….stop rolling him out and giving him such a platform. I know this is redundant….. BUT SHAME ON CNBS.

    Then again, they do what ever they can to further perpetrate the fraud on America that things are all fine and good.

    When this ends, I will be sitting there with a big “I TOLD YOU SO” look on my face.

    I HAVE NO POSITIONS IN THE MARKET, have not for 4 years and do not eepect to put any one.

  7. DC says:

    I’ll give Greenspan this much: he’s consistent.

    The sycophants at CNBC can’t get enough of Greenspan, or of his corporate twin Jack Welch. Indeed I didn’t want to endure Easy Al hitting suck-up softballs from Joe Kernen so I clicked over to MSNBC. Sure enough there’s that carping douche Jack Welch, who apparently just rotates from one NBC Universal set to another (fool disclosure: GE now owns only a minority stake in NBC-U, so no need to mention that conflict anymore.)

    Morning Joke Scarborough called Welch “the greatest CEO in history” or some such rot. No, Joe, that would be someone like Steve Jobs, who created a business from scratch on creativity, ingenuity, precision, and customer satisfaction. Welch ascended to the throne of a behemoth and kept it afloat by nuking the shit out of it, and who has spent his twilight years complaining about how bad off he and his fatcat pals have it.

    These guys really do raise chutzpah to historic highs.

  8. jjay says:

    I would say, given the corrupt nature of our government, that Greenspan is setting the stage for an abrupt end to many programs for poor citizens.
    Everyone knows we don’t have the money to continue deficit spending at these levels.
    And the cuts won’t be taken out of the hides of the MIC and big banks.
    I am certain Greenspan has not suddenly found fiscal “religion” , or is actually concerned about the havoc Fed policy has brought to the USA.
    Odds are, you and I are being set up to take another fall for the “Team”.

  9. Darkness says:

    Anyone who claims the slow recovery is due to something other than ridiculous consumer debt levels and a 7 million unit housing overhang is a con artist and should be treated as such.

    “Greenspan’s conclusions fit with his long-held free-market ideology and may aid Republican lawmakers who argue that cutting federal spending now will help spur job growth.”

    Not just ideologues, moronically dangerous ideologues. If this meant pulling out of Iraq, oh, say 8 years ago before it cost 3 trillion dollars, absolutely. What they are actually saying, which is even more brilliant, is that teachers and firemen and road repair crews are notorious paycheck hoarders.

  10. postman says:

    Is a little perspective allowed here? First of all, candidates for the worst central banker might include the several who have presided over hyperinflations. As far as Greenspan is concerned, can we give the man credit for his pre-2003 work? And, finally, in case you haven’t noticed, outside Wall Street, the economy sucks and has been far worse that Christina Romer’s 8% unemployment prediction for two years, so is it unreasonable for Greenspan to criticize the way things are going and to suggest a different path?

  11. wunsacon says:

    >> Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge.

    Greenspan read TBP’s comment policy.

  12. ella says:

    And how did Greenspan’s quasi-government activism work out for the economy? Let us see, the “Greenspan Put” likely became a bailout for certain sectors of the economy leading to what some have argued was the creation of the bubble economy. His deregulation in favor of the “market God” has by his own admission was flawed. It appears as though the “market God” did not prohibit fraud and financial scandals after all.

    Does he have any credibility to comment on the economy? Is he talking his book? After all he is now employed in private industry. Just wondering?

  13. budhak0n says:

    I didn’t even know that Alan could still speak, let alone that people would still listen to what comes out of his mouth.

    Just another dinosaur. Put him alongside that other scammer, Grasso.

  14. franklin411 says:

    Greenspan is dead. What you’re seeing is just a dessicated husk that Paul Ryan hauls out as a masturbatory device.

    “(Ayn Rand’s) books provided wide-ranging parables of “parasites,” “looters” and “moochers” using the levers of government to steal the fruits of her heroes’ labor. In the real world, however, Rand herself received Social Security payments and Medicare benefits under the name of Ann O’Connor (her husband was Frank O’Connor).”

    http://www.alternet.org/teaparty/149721/ayn_rand_railed_against_government_benefits,_but_grabbed_social_security_and_medicare_when_she_needed_them/

  15. Marcus says:

    A Greenspan Pile-on-Party – Thanks Barry

    So it’s great fun to bash Greenspan, a convenient goat for all our perceived problems. Greenspan officiated over a period when the average income of Americans rose to over $40,000 a year (see the post just after this one), and held those good times for several decades. Not bad Alan!

    Greenspan was decorated with the Presidential Medal of Freedom, the French Légion d’honneur, Knight Commander of the British Empire, and the Department of Defense Medal for Distinguished Public Service. Not bad Alan!

    Does this mean all of our institutions and honors are misplaced? Maybe you are just a bunch of bored “Monday morning quarterbacks” fixing blame after the fact.

    Read Maestro, Bob Woodward’s fair and balanced view of the Greenspan years. After that you will probably either like or dislike Greenspan. Few sit on the fence when his name comes up. But he does have supporters. In a sense of fairness, Greenspan had to live in a political world and make hard decisions. I remember many times when he faced the Hill asking for fiscal restraint, a curb to excessive Federal spending, he issued his second most famous phrase, asking Congress for budget cuts, “The silence was deafening”.

    Greenspan neither caused our problems nor saved us. This ‘piling on’ may be psychologically therapeutic for today’s blog responders, but it is one sided and disingenuous.

    But who cares!

    The part that is missing today is a critical analysis of how the job of Fed Chair could be better done to smooth out financial problems we periodically face, and fix the long-range institutional problems that are roaring at us. Blaming Greenspan for the last recessions (er make that the last two big crashes) is like blaming Government policy for the Social Security mess, but forgetting about the onslaught of Baby Boomers (that would be us) distending a normally balanced system. For many of these problems scapegoating is a convenient way to avoid the responsibility. If you want to find the real cause, get a mirror.

  16. IS_LM says:

    First of all, candidates for the worst central banker might include the several who have presided over hyperinflations. As far as Greenspan is concerned, can we give the man credit for his pre-2003 work? And, finally, in case you haven’t noticed, outside Wall Street, the economy sucks and has been far worse that Christina Romer’s 8% unemployment prediction for two years, so is it unreasonable for Greenspan to criticize the way things are going and to suggest a different path?

    Hyperinflations? Try high inflation, the seeds of which were laid by Greenspan’s “dissertation” advisor and mentor, Arthur Burns, at the behest of Richard Nixon. (I put dissertation in quotes because there is no evidence that, despite NYU issuing him the title PhD, Greenspan ever wrote a thesis.) His pre-2003 work? Why do you think people use the phrase, “the Greenspan put”? As for the “different path,” it was followed rigorously between about 1998 and 2006. It culminated in the largest financial crisis and the deepest recession since the Great Depression. You got anything else?

    ~~~

    BR
    : Sure, we can give him credit for the Greenspan put, for the LTCM bailout, and for the dotc om bubble.
    If you want to give him more credit, I suggest reading:

    GREENSPAN’S BUBBLES: THE AGE OF IGNORANCE AT THE FEDERAL RESERVE by William Fleckenstein
    and
    Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession by Frederick Sheehan

  17. Tim says:

    All in all sad, really, that we still have the Alan and the rest of his ilk so totally clueless (or maybe not!) and still influencing our complete national implosion.

  18. low-tech cyclist says:

    But…but Greenspan’s the Maestro! Bob Woodward said so! So it’s GOT to be true, right?

    Oh wait…Bob Woodward’s as worthless and pathetic a practitioner of journalism as Greenspan is of economics. So never mind.

  19. postman says:

    Hyperinflations? Try high inflation, the seeds of which were laid by Greenspan’s “dissertation” advisor and mentor, Arthur Burns, at the behest of Richard Nixon. (I put dissertation in quotes because there is no evidence that, despite NYU issuing him the title PhD, Greenspan ever wrote a thesis.) His pre-2003 work? Why do you think people use the phrase, “the Greenspan put”? As for the “different path,” it was followed rigorously between about 1998 and 2006. It culminated in the largest financial crisis and the deepest recession since the Great Depression. You got anything else?
    —————————————————————————————————————————
    If you can branch out beyond America and recent history, you can see some true hyperinflations, and the central bankers presiding over these might be better candidates than Greenspan for “the worst central banker ever on the planet.” Next, Arthur Burns is not Greenspan. Finally, you missed commenting on the tepid recovery since late 2008, and the possibility that another path might be followed–not necessarily the one followed circa 2000. So your arguments are not very strong or on point.

    That said, I think Greenspan has made mistakes, as even he would admit. I do not seek to absolve him. But the hyperbole and one-sided comments here are a bit much, and there’s been no recognition of good moves he’s made, for example, he engineered a nice recovery from the 1987 crash.

  20. DeDude says:

    Postman: “is it unreasonable for Greenspan to criticize the way things are going and to suggest a different path?”

    No, but if you are up to your neck in sh!t, you may want to throw something at the fool who suggest you should bend down on your knees. As Krugman pointed out yesterday the reason we are still in a slump is that the stimulus package was to small to bring us out of it. China did put in sufficient stimulus and never got a recession – and UK instituted austerity before they recovered sufficiently is now back in the dumps. This is not rocket science yet the number of idiots who cannot look at the facts and get it is astonishing.

  21. postman says:

    @DeDude

    Plenty of economists think the “stimulus” has not done much or dhas even depressed the economy further, for example, John Taylor of Stanford. Is he “an idiot who cannot look at the facts and get it?”

  22. DeDude says:

    You got it. The argument that stimulus doesn’t increase the GDP should not be put forth if you have passed 5′th grade math. When government employ people directly or indirectly it increases consumption, and consumption is 70% of the GDP (and what gets the private sector going). The argument that the governments borrowing sucks up capital that blocks private sector borrowing is true in a red hot economy where the private sector actually is looking to borrow, but when corporations have stockpiled over a trillion in cash reserves that argument is idiotic. The only valid academic debate is whether in “the long run” the damage from high levels of accumulated public debt will “outweigh” the short-term benefits from keeping the economy alive and priming it with debt financed stimulus. And yes Ivy League schools have produced and employed quite a few ideologogs who have no clue of the scientific approach and instead try to wrap the facts around a preconceived conclusion. Small brains with big egos are not just a media phenomenon.

  23. MikeG says:

    I defer to Matt Taibbi’s description of Greenspin: “The Biggest Asshole in the Universe”.

    Being wrong over and over without guilt, shame or awareness is a job requirement for right-wing ideologues.

    And the Republican politicians who blather that “the stimulus has hurt the economy”, “eeeww, socialism” and “the government never created a job” will squeal like stuck pigs if you dare threaten any of the military spending contracts or federal construction pork for their district.

  24. philipat says:

    Some say he goes to bed at night with a blow-up replica Ayn Rand love doll. All we know, is he’s called an idiot.