rssDuring the Boom, Greenspan Never Attended His Own Consumer Advisory Council’s Meetings
Wednesday, March 24, 2010 at 1:19 pm
- 7 Comments
By the way, if you’re going through the transcripts of the Consumer Advisory Council, you’ll see that Fed Chairman Ben Bernanke attends the meetings, which are held three times a year in Washington, D.C.
We were curious: During the boom, did former Fed Chairman Alan Greenspan ever go to the meetings? Maybe rub elbows with consumer advocates who were sounding the alarms over high-rate subprime mortgages?
Our researcher, Rachel Hartman, got some limited info from the Fed. From 2000 to the end of his term in 2006, Greenspan never attended a single CAC meeting.
7 Comments
Comment posted March 24, 2010 @ 5:59 pm
Greenspan will go down in history as one of the all-time great frauds. The old fool should have walked away with his reputation relatively intact when Clinton's term ended. Instead, we were subjected to another decade of this pathetic Randian power addict lurching about as Rome burned, clearly a sockpuppet for slash&burn brokerism and ultimately, lamely, admitting before a Congressional committee that he was completely wrong to encourage the US economy to bubble-surf its way to hell. What a world-class piece of crap this charlatan is.
Comment posted March 24, 2010 @ 9:02 pm
Like Krugman
said:
<blockqoute>All through the Clinton years, Greenspan preached the virtues of fiscal restraint, and he did not change his views when the budget deficits of the 80's and early 90's vanished. Just six months before his 2001 testimony, Greenspan saw no problem with large projected budget surpluses. ''The Congress and the administration,'' he said in July 2000, ''have wisely avoided steps that would materially reduce these budget surpluses. Continued fiscal discipline will contribute to maintaining robust expansion of the American economy in the future.'' But then a Republican entered the White House, brandishing a tax-cut proposal — and Greenspan suddenly developed an elaborate theory of why it was necessary to reduce those surpluses, after all.
Any doubts that Greenspan holds George Bush to different standards than he held Bill Clinton were dispelled in the years that followed. He didn't call for a reconsideration of the 2001 tax cut when the budget surplus evaporated. He didn't even offer strong objections to a second major round of tax cuts in 2003, when the budget was already deep in deficit.
Funny, that…
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