Alan Greenspan is embarrassing himself again (or if not, he should be):
"[Easy money] had absolutely nothing to do with the housing bubble," he says. "That's ridiculous."
[One of my cartoons from April of 2006–click on image for larger version.]
Greenspan continues to defend himself, unwilling to believe he could possibly have been responsible in any measure for the troubles we have all undergone over the past decade.
Here's another blooper:
"… [N]ot a single major forecaster of note or institution caught [the financial crisis]," he says. "The Federal Reserve has got the most elaborate econometric model, which incorporates all the newfangled models of how the world works—and it missed it completely."
Well, even stupid little me caught it, Mr. Greenspan, simply by reading people who make common sense. See my proof above, in April of 2006, and here, even earlier in February 2006
What planet does this guy live on?
Read more of his latest mutterings here
in this weekend's Wall Street Journal
Labels: Alan Greenspan, economic bubbles, economic cartoons, monetary bubbles