Category: Contrary Indicators, Video

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.

5 Responses to “Uh-Oh: Greenspan Says U.S. Stocks Very Cheap”

  1. albnyc says:

    Why won’t this man go away? Hasn’t he done enough harm?

  2. GregShields says:

    Thank you, ALBNYC. I saw this on the site last night and started to visualize Greenspan’s overdue retirement from public speaking. I wonder if you’ve ever seen the movie, Mackenna’s Gold. The opening scenes show an aging native-american shamen alone, on his horse, in the desert. He is running away from Mackenna, played by Gregory Peck. Mackenna wants the map and knowledge of a huge gold find. Anyway, a great Western from 60′s. Put the old guy on his horse and send him packing! Note to CNBC, FOX and BLOOMBERG: Please do not book as guest!

  3. microcap says:

    Headlines in BR’s head:

    *GREENSPAN A DROOLING MORON

    *GREENSPAN HAD LOBOTOMY IN 1969

    *CHAUNCEY GARDINER GENIUS COMPARED TO GREENSPAN

  4. theexpertisin says:

    He makes more sense then his wife, Andrea Mitchell. And he played the clarinet at a high level back in the day. That’s the best I can say about Greenspan.

  5. Marcus says:

    Greenspan is an easy scapegoat, and he deserves it. It’s hard for most of us to not dismiss him as the main cause of the Great Recession. However his comments are worth evaluating. How does his brain work? What parameters were used (and are currently being used) to decide monetary policy at the Fed?

    A few belief structures fall out of his comments.

    1. Cronyism and lack of debate at the Greenspan Fed. Debate and different opinions, or even alternate analyses, were not allowed at his Fed. He ruled as a King, not as a democratically appointed guardian of the common good, put another way, “It’s my way or the highway’ according to Greenspan.

    2. Acceptance of political influence. Listening to Greenspan, it is clear his Fed was not above supporting the party in power. I believe Greenspan accommodated the President in power to the detriment of the country, using acute fixes (e.g., covering Clintons bimbo eruptions), which exacerbated chronic problems.

    3. A ‘Detail Man” in the mold of Jimmy Carter. In this interview Greenspan exposes himself as an ultimate detail man, totally spun around the axle, and unable to be subjective, pragmatic, or realistic. He is lost in detail and the big picture, or an impending storm, would never be seen.

    4. Use of the Model-du-jour approach to explain policy and guide Fed actions.
    Economics is a religion for Greenspan and he cannot use any other metric, history, experience, or anything else. Using the best and most recent economic model seems to be the Holy Grail, a perfect knowledge to transmute the economy, producing a single direct and strategic action. He is a single solution man, not using a suite of tools, or wanting to address economic problems in smaller pieces.

    We all want heroes and villains, simple explanations, black-and white. This is an American characteristic not shared in much of the world. Greenspan is certainly not a hero, and he may come close to being a pure villain; but a careful listen to Greenspan is fascinating. How does his intellect work? How could a man of this intelligence get it so wrong?

    We all know the outcome.