"From those of you with such a low opinion of Greenspan, I'd be interested to hear whom you'd prefer to see in the position...along with, perhaps, some reasons for your preference(s)."
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Sandy...
Larry, Curly, or Moe -- take your pick.
In all seriousness, Greenspan's monetary policies are what got us into the bubble and now we are paying for his unwillingness to make unpopular choices to prevent that bubble even though he clearly saw it coming and recognized what would follow. We have been paying for that lack of backbone for several years now, and we will continue to suffer economically as a nation for some time to come. I believe that he will end up being seen as one of the most politically astute but economically unsound Fed Chairmen in history.
Now he is in a box - there is nothing he can do but wait and watch the unfolding of his "legacy" as the economy continues to unwind. He is forced to obfuscate and avoid truthfully informing the public of our true situation and economic outlook because if he were candid at this point the reaction would be extremely unpleasant and detrimental to both the economy itself and especially to the markets. So he will continue to pretend that we might get a recovery after Iraq is settled (when everyone with any sense at all knows that is not the case) while he endlessly pumps excess money into the system in a desperate attempt to reflate the economy and weaken the dollar while manipulating the markets to stave off what is inevitable.
At the moment, there is probably nothing that the Fed can do to change the future, but he had the chance to prevent us getting into this situation and was too spineless to do so. Now all he is interested in is deflecting blame from himself for his error.
I have no respect for the man as a Fed Chairman.
mlsoft
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