Monday, May 03, 2010

"Bubbles" Greenspan: Smarter Than You

In his own opinion, ""Bubbles" Greenspan is a helluvalot smarter than you.

As top Federal Reserve officials debated whether there was a housing bubble and what to do about it, then-Chairman Alan Greenspan argued that the dissent should be kept secret so that the Fed wouldn't lose control of the debate to people less well-informed than themselves.

"We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Greenspan said, according to the transcripts of a March 2004 meeting.

Note that date, folks. That's more than 3 years before the merry-go-round stopped dead.

Thanks, Al. Hope you enjoy your pension, you snotty jackass!

HT: Ticker

1 comment:

Tim Morrissey said...

And still, though he's been proven beyond a reasonable doubt to be an incompetent fraud, the media still consider Al the "go to" man for comments on anything economic.....