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Greenspan's policies consisted of easy money, dismantling regulation, and trusting big banks to regulate themselves. Those policies failed miserably. Greenspan
by panarky 13y ago
Greenspan's policies consisted of easy money, dismantling regulation, and trusting big banks to regulate themselves.
Those policies failed miserably. Greenspan cleverly called the consequences of his policies 'irrational exuberance', and then failed to take action to rein in these consequences.
The crisis that resulted from Greenspan's incorrect analysis and bad judgement rivaled the Great Depression in its severity and longevity.
Greenspan's credibility is nil, so why should we listen to what he says about Bitcoin?
- tptacek 13y agoI might even agree with you that Greenspan's credibility as a shepherd of the entire US economy is nil. But the inadequacy of that conclusion to the actual argument at hand is obvious. Short answer: because he knows much more about economics than we do.
- ugk 13y agoI wouldn't be so sure. The Fed is the root cause of almost all the bubbles we've seen in US markets. As for Bitcoin he might be right, but I want to hear his opinions on economics about as much as I want to hear Obama's opinions on drone strikes.