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Home Publications Blogs Beat the Press Man Who Wrecked the Economy Says Stimulus Didn't Work

Man Who Wrecked the Economy Says Stimulus Didn't Work

Wednesday, 15 September 2010 15:41
That could have been the headline of an article reporting former Federal Reserve Board Chairman Alan Greenspan's negative assessment of the stimulus. But, hey this is the Wall Street Journal.
Comments (12)Add Comment
We're All Kenyans Now, Low-rated comment [Show]
Then again...
written by Sandwichman, September 15, 2010 5:27
Maybe the WSJ's deadpan reporting of Greenspanspeak is the most effective rebuttal after all. There were hundreds of comments posted in response and the ones I saw were withering. Give the man enough rope...
Germany, Japan, China, you have nothing to fear.
written by diesel, September 15, 2010 7:54
I have never read a less enlightening series of comments than those printed in the WSJ in response to the above-mentioned article. If those comments are a faithful representation of the workings of the minds of those who manage the financial business of America, then there is no hope. Uneducated louts, the lot of them (or as far as I could stand to read anyway).
Our wrecked economy seems on the verge of collapse and there seems to be no one in power able to recognize this.
written by Scott ffolliott, September 16, 2010 12:51
Alan Greenspan like so many in the service of the ruling class had learnt that to go along is how one survives. Alan Greenspan the obsequious man with the ability to work with numbers offered us neoliberal fidelity that snowballed out of control in the early 90's. Our wrecked economy seems on the verge of collapse and there seems to be no one in power able to recognize this. It is not a surprise that this is so for it was those same people who when in power believed moving credit card deductible debt to nondeductible debt thus making home equity loans the new deductible credit card debt and housing inflated with Clinton tax code changes and lower and lower interest rates to push housing to far out prices that by 1997 was known as funny money to anyone that could balance a check book. Housing may have risen with inflation, but wages have not kept pace with inflation thus we live today with the belief that tomorrow shall never come. It did. It will. It seems that we are in a collapsing bubble that is itself a bubble. It seems that the unimaginable may come upon us at any time and that we are not prepared to adapt. It certainly seems that we have adopted nineteenth century economics to ready ourselves to repeat the mistakes of the twentieth century.
Sure it worked
written by mich, September 16, 2010 4:31
It didn't work in the eyes of people wanting house prices, asset prices, borrowing going up up up. It certainly worked keeping the speculators from taking the losses and blow up sky high as they should. It worked pumping money as much as possible in the deflating mega super bubble, making savers and workers pay, in money as well as time. But who cares, it's all about fingers-in-ears-lalala "jobs". Yeah right.
Pillow Talk
written by Leibniz, September 16, 2010 2:00
It's satisfying to know that Andrea Mitchell snuggles up to Greenspan every night.
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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.