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But obviously the '90s were not sustainable. What we are going through today is the payback period (with interest) for Greenspan's economic policies.
by jonnathanson 11y ago
But obviously the '90s were not sustainable. What we are going through today is the payback period (with interest) for Greenspan's economic policies.
- 13thLetter 11y ago"But obviously the '90s were not sustainable." Sorry, it's not obvious to me at least. Can you explain why they weren't sustainable?
- brownegg 11y agoYou are certainly right that it was fun. But basically the hypergrowth of the '90s was borrowed from the future. All policy was good if GDP grew. Greenspan noodled on the problem--"irrational exuberance"--but unfortunately became convinced the existing pyramid scheme was working. He's since publicly expressed regret over a ton of those decisions.