Even Greenspan Knows We’re Screwed
by Phoenix Capital Research
In case you missed it, Alan Greenspan just set a new world record for hypocrisy stating that the Fed’s stimulus has had little impact on the US economy.
As a brief reminder, it was Alan Greenspan who created both the Tech and the Housing bubbles by maintaining loose money policies. It was also Greenspan who helped Wall Street to dismantle regulation related derivatives, leverage, and more.
Put another way… pretty much every single problem with the financial system today was created or at least greatly aided by Alan Greespan and his policies. And if you think Greenspan was just an ignorant dupe, you should consider that as early as 1999 he stated in private that derivatives could “implode” the market.
So to see Greenspan now criticizing Bernanke’s moves is beyond astounding. Don’t get me wrong, I’m not in any way defending Bernanke. I’m just saying that it’s odd to see Greenspan criticizing someone who did the EXACT same things Greenspan himself did.