Greenspan In Denial

[The Night Owl]

More good news...

http://www.thestreet.com/comment/detox/10195931.html
________________________________________
Dollar's Dip Shows Greenspan in Denial

By Peter Eavis
Senior Columnist
11/24/2004 7:12 AM EST

Just about everyone is worrying about the tanking dollar and the enormous U.S. trade deficit. So it's high time for Alan Greenspan, the nation's central banker, to step in and tell us how we might deal with the wilting greenback.

Instead, the Fed chairman has made a speech that will go down as the one of most flagrant pieces of self-serving tripe in financial history

...

Since Greenspan almost never admits he's wrong, the Fed -- under him or one of his acolytes (he's likely to retire in early 2006) -- almost certainly isn't going to change course. This makes it increasingly likely that America will be laid low by the mother of all currency crises before long. It's incredible to think that in a governmental system known for its checks and balances, the pride of one man could cause the fall of the world's largest economy. But that's what we're looking at here, going by the central banker's Friday speech.

...
________________________________________

[Chimpanzee]

1. It's not a river in Egypt - anymore!

[RedCloud]

7. I was hoping face down in it!

you know in da Nile River. What a republican tool.

[IrateCitizen]

2. Greenspan's an asshat -- I've always thought so, at least...

He's advocated sustaining an increasingly tenuous economy on the backs of increasingly crushing consumer debt loads for far too long. The problem is, when the crash finally comes, it will be those "regular people" -- and not those like Greenspan -- who will end up paying the greatest price.

[Career Prole]

3. Greenspan has sold us out. It's undeniable.

When you have a long history it makes it that much more obvious when you're acting out of character and contrary to your own principles.
He should have resigned or at least protested when Paul O'Neill was fired over beliefs they held in common (tax cuts were too much and wrong for the economy, other pressing needs such as social security were more crucial than tac cuts).
Instead he stopped being our reserve chairman and became just another chimpco stooge.

[K-W]

5. Greenspan isn't acting out of charecter.

This has always been his charecter.

Greenspan has more than his fair share of right wing kookery.

[taught_me_patience]

4. greenspin

at least he doesn't have to worry about social security... he'll be dead when that problem occurs.

He was once hailed as a financial genius... now he's a bumbling idiot that talks out of both sides of his mouth. I'm not sure anybody takes him seriously anymore. Repercussions from his free-money policy will be felt for years to come.

taught.

[mmonk]

6. Not necessarily

He's waiting for more numbers to come out soon. He's walking a rope with inflation on one hand vs. raising interest rates which may trigger a credit crisis and econ downturn on the other. He will likely allow inflation to rise more than raise interest rates too fast. He doesn't concern himself too much with the currency valuation as that is a policy issue concerning the administration.