Comments on: Greenspan squanders his final reserve of credibility http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Woltmann http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/comment-page-1/#comment-25527 Sat, 02 Apr 2011 13:19:18 +0000 http://blogs.reuters.com/felix-salmon/?p=7778#comment-25527 What people constantly forget is that the Fed exists only and entirely to serve the interests of the financial industry. Any thoughts otherwise are pure delusion. Anyone who doesn’t recognize this basic fact, whether media, politico or regulatory, is not being honest. If necessary, look in the mirror every morning and say “the Federal Reserve does not love me” until it sinks in ..

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By: lhathaway http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/comment-page-1/#comment-25526 Sat, 02 Apr 2011 13:11:37 +0000 http://blogs.reuters.com/felix-salmon/?p=7778#comment-25526 What real growth was there under Greenspan? It was all smoke and mirrors, especially after Bush/Cheney got into office. The ratings agencies declared sub-primes to be, with their fancy derivatives, triple A, depending on technical algorithms they (as well as most of us) can’t understand, which magically erased the fact that the loans were dependent on an ever rapidly escalating value of homes, so that home-owners, instead of actually buying their homes, were just leasing them, turning the loan over every few years to avoid paying for the inflated value of the home. This looked good on the books, they could ‘afford’ a 500k home, but it wasn’t real. It was just a big sham. Meanwhile real jobs were disappearing as the big banks were able to finance bigger mergers and acquisitions. That’s not growth, it’s more like implosion. It benefits bankers and some stockholders but very few in the broader economy. I think Greenspan has looked so long at the top that he’s forgotten that it takes a healthy middle class to support all those big wigs. Listen to him and the whole thing will come crashing down. We can’t afford to bail it out again anytime within the next twenty years at least. It was the very thing that he was supposed to prevent that he is in effect saying, well it was worth it due to the moneys made prior to the meltdown.

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By: TFF http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/comment-page-1/#comment-25524 Sat, 02 Apr 2011 12:37:24 +0000 http://blogs.reuters.com/felix-salmon/?p=7778#comment-25524 Greenfelder, your complaints make no sense.

I have a significant portion of my life savings in my home — and don’t care one whit that the market price has dropped. It continues to provide me with a steady supply of housing, with small improvements every year. Those middle class Americans who truly put their life savings in their homes were unaffected by the financial crisis.

Those who got slammed were the ones who DIDN’T put savings into their home. They borrowed heavily against their imagined capital, racking up huge mortgage debts. Some used that money to buy additional homes. Others put that money into businesses, or into the stock market. Some never had any savings to begin with because they spent it all.

So yes, plenty of people got hurt. But let’s not pretend that it is the savers who got wiped out. They own just as much home as they did at the top of the bubble.

On the other hand, I fully agree that our retirement savings (whether invested in mutual funds or through pension plans) are feeding the investment bank bonuses. The only solution to that is to learn to manage your own money. ANY other solution is effectively giving Wall Street all of your gains while shouldering the entire risk yourself.

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By: Greenfelder http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/comment-page-1/#comment-25522 Sat, 02 Apr 2011 07:51:22 +0000 http://blogs.reuters.com/felix-salmon/?p=7778#comment-25522 Greenspan was the bubble blower and Bernake and Paulson (former Goldman CEO)the hatchet men. The whole thing was set up by the hedge funds and Wall street to make a bundle on the backs of the middle class, most of whom had their life savings in their homes. Wake up America and realize that the banks have stolen our democracy, if we ever had one. Your retirement is paying for investment bank bonuses as we speak.

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By: neorealist234 http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/comment-page-1/#comment-25521 Sat, 02 Apr 2011 02:30:54 +0000 http://blogs.reuters.com/felix-salmon/?p=7778#comment-25521 I’d rather listen to El-Erian more than greenspan and bernanke

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By: netvet http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/comment-page-1/#comment-25502 Fri, 01 Apr 2011 03:19:21 +0000 http://blogs.reuters.com/felix-salmon/?p=7778#comment-25502 This is a case for rational exuberance.

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By: MRLAMF http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/comment-page-1/#comment-25491 Thu, 31 Mar 2011 16:34:04 +0000 http://blogs.reuters.com/felix-salmon/?p=7778#comment-25491 its amazing that people have listened to his partisan garbage for years, simply because its dressed as a well-conceived (ideologically), non-partisan, benevolent academic’s thought process, when, in fact, its not. I wouldn’t be surprised if all there was in his office were worn out copies of Rand’s books, an ancient typewriter, and 15 cases of The Age of Turbulence.

Just retire in peace like other discredited cranks.

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By: rb6 http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/comment-page-1/#comment-25490 Thu, 31 Mar 2011 14:29:04 +0000 http://blogs.reuters.com/felix-salmon/?p=7778#comment-25490 Actually, I think he has been in negative credibility territory for quite some time now. In other words, if credibility were a good with economic value, he would be so far under water that he would have declared bankruptcy at least three years ago. Alas.

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By: fresnodan http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/comment-page-1/#comment-25486 Thu, 31 Mar 2011 09:45:29 +0000 http://blogs.reuters.com/felix-salmon/?p=7778#comment-25486 The thing I get out of it (with the caveat of discounting for the baltic dry sea cardboard box transporting iPad personal consumption GNP/PPI deflator CD squared discounting mechanism) is this:
Is he saying anything different than he has ever said?

So why was for twenty years this man held in such adulation? Am I the only one who remembers Woodward’s “Maestro?” (Kind of makes me think I shouldn’t pay any attention to anyone in the media…present company excepted of course)

Maybe the fault lies in our selves and not our maestros.

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By: djfnyc http://blogs.reuters.com/felix-salmon/2011/03/30/greenspan-squanders-his-final-reserve-of-credibility/comment-page-1/#comment-25478 Thu, 31 Mar 2011 01:28:03 +0000 http://blogs.reuters.com/felix-salmon/?p=7778#comment-25478 Greenspan trashed financial reform, citing the same lame examples, on March 4 edition of CNBC’s Squawkbox, where he appeared for a full hour. No one even asked Greenspan to respond to the findings by the FCIC.

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