Re: Bill Greider on Alan Greenspan

[Clifford Poirot <cpoirot@xxxxxxxxxxx>]

For the record, my passing this along was not an endorsement of his views. By dangerous I assume you are referring to his suggestion that Greenspan should let the stock market find its bottom? (I think we might agree on this).

 

I am not sure what you mean by "superficial". No doubt, there is more to the story. Do you not think there was a problem with the large mergers in banking? Would it not have made more sense to tighten margin requirements in 1999 rather than raising interest rates?

-----Original Message-----
From: Paul Davidson [mailto:pdavidson@xxxxxxx]
Sent: Friday, August 16, 2002 9:42 AM
To: Clifford Poirot
Cc: pkt@xxxxxxxxxxxxxxxx
Subject: Re: Bill Greider on Alan Greenspan

At 01:25 PM 8/15/2002 -0400, you wrote:

http://www.washingtonpost.com/wp-dyn/articles/A10183-2002Aug12.html

If you enjoyed "Secrets of the Temple", you will probably enjoy this piece
by the same author.

As much as I think Alan Greenspan made some bad mistakes in the 1990s -- e.g., not raising margin requirements -- I find Greider's analysis superficial and his solution dangerous.

Paul

Paul Davidson

Editor, Journal of Post Keynesian Economics

503 SMC

University of Tennessee

Knoxville, Tn 379996-0550

phone Number: (865) 974-4221

fax number: (865) 974-1686

http://econ.bus.utk.edu/davidsonextra/Davidson.html