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TheCenterLane.com offers opinion, news and commentary on politics, the economy, finance and other random events that either find their way into the news or are ignored by the news reporting business. As the name suggests, our focus will be on what seems to be happening in The Center Lane of American politics and what the view from the Center reveals about the events in the left and right lanes. Your Host, John T. Burke, Jr., earned his Bachelor of Arts degree from Boston College with a double major in Speech Communications and Philosophy. He earned his law degree (Juris Doctor) from the Illinois Institute of Technology / Chicago-Kent College of Law.
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Dumping On Alan Greenspan
March 22, 2010
On Friday, March 19, former Federal Reserve chair, Alan Greenspan appeared before the Brookings Institution to present his 48-page paper entitled, “The Crisis”. The obvious subject of the paper concerned the causes of the 2008 financial crisis. With this document, Greenspan attempted to add his own spin to history, for the sake of restoring his tattered public image. The man once known as “The Maestro” had fallen into the orchestra pit and was struggling to preserve his prestige. After the release of his paper on Friday, there has been no shortage of criticism, despite Greenspan’s “enlightened” change of attitude concerning bank regulation. Greenspan’s refusal to admit the Federal Reserve’s monetary policy had anything to do with causing the crisis has placed him directly in the crosshairs of more than a few critics.
Sewell Chan of The New York Times provided this summary of Greenspan’s paper:
That is as close as Greenspan came to admitting that the Federal Reserve had a role in helping to cause the financial crisis. Nevertheless, these magic words from page 39 of “The Crisis” are what got everybody jumping:
The best retort to this denial of reality came from Barry Ritholtz, author of Bailout Nation. His essay entitled, “Explaining the Impact of Ultra-Low Rates to Greenspan” is a must read. Here’s how Ritholtz concluded the piece:
Paul La Monica wrote an interesting post for CNN Money’s The Buzz blog entitled, “Greenspan and Bernanke still don’t get it”. He was similarly unimpressed with Greenspan’s denial that Fed monetary policy helped cause the crisis:
From across the pond, Stephen Foley wrote a great article for The Independent entitled, “For the wrong answers, turn to Greenspan”. He began the piece this way:
These reactions to Greenspan’s paper are surely just the beginning of an overwhelming backlash. The Economist has already weighed in and before too long, we might even see a movie documenting the Fed’s responsibility for helping to cause The Great Recession.