Greenspan was a Wall Street tool and brad Delong a willing stooge

1. "Of overwhelming importance: a belief that the Federal Reserve had the power and the tools to build firewalls to keep whatever disorder finance threw up from having serious consequences for the real economy of demand, production, and employment.And back in the mid-2000s Greenspan had a strong case.
   I certainly, bought it by and large. The Federal Reserve had, after all, managed to deal with the 1987 stock market crash, the 1991 S&L crash, the 1995 Mexican crash, the 1997 East Asian crisis, the 1998 dual bankruptcy of Russia and LTCM, the 2000 collapse of the dot-com bubble, and 9/11--plus assorted smaller financial disturbances. And it had dealt with them well.

   Thus the interpretation of Alan Greenspan's actions in the mid-2000s that I have always believed in is: he misjudged the risks, and unknowingly made bad calls."
   
   
   I have to admire brads loyalty to this rotten old mountebank 
   
   
       One wonders how this floats in brads mind
   
   "Well I was wrong so Greenspan was wrong " 
   
   
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   Let us examine the apologia 
   
   
   It's so simple 
   
   The FED handled  BUBBLES A B C 
   SO WHY NOT D 
   Now there were two goodly sized bubbles 
   S and L 
   And 
   Dot com 
   
   Well 
   we got recessions out of the prior two big bubbles 
   
   SO CLEARLY GREENSPAN KNEW THIS ONE WOULD TOO