>But J. Bradford DeLong, a longtime Fed watcher at the University of
>California at Berkeley, cautioned that Mr. Greenspan had been right at
>times when many others were wrong.
>
>"I think he's wrong, but he's got a better track record than I have,"
>Mr. DeLong said.
(Sorry about the previous, got away empty.)
Hmmm,
* 1987 dollar crisis and stock market crash. * Late 80s climax of S&L disaster and leveraging mania. * Three years of stagnation and jobless recovery in early 1990s. * Stock market bubble which he repeatedly pronounced not to be a bubble. * Bubbles followed by financial crises and severe recessions in Mexico (1994-95), Russia, and Southeast Asia (1997-98). * The Long Term Capital Management bailout. * The bursting of the 1990s bubble, followed by three years of a flat-to-declining job market. * The home equity withdrawal bubble, which he declares not to be a bubble. * Overt partisan corruption of the office of Fed chair, with his contrasting stance on Democratic and Republican deficits.
Have you got a worse record hidden in a closet somehwere?
Doug