Monday, September 10, 2007

Unmasking Greenspan Vol. XXIII....

SCHADENFREUDE! I can´t wait to see his new book (already at a 34% discount) to become a major flop. This guy is the most overrated person in the financial history. But this will change very soon. The timing couldn't have been much worse. For more "Greenspan Watch" i recommend Tim´s blog The Mess That Greenspan Made .

Tut mir leid, aber ich kann meine Schadenfreude nicht wirklich unterdrücken. Ich kann es nicht erwarten zu sehen wie das neues Buch ( bereits jetzt mit einem Abschlag von 34% zu erhalten) von "Easy Al" in den Regalen verstaubt oder aber zumindest in alle Einzelteile zerlegt wird. Das Timing hätte schlechter nicht sein können. Der wohl am meisten überschätze Notenbänker aller Zeiten (wird sich sicher in Rekordgeschwindigkeit ändern). Mehr über die Entzauberung von Greenspan findet Ihr regelmäßig auf The Mess That Greenspan Made

Taken from Bush, Bernanke and a bad bailout / Fleckenstein
Of course, as the mortgage-for-anyone-with-a-pulse party was in full bloom, Greenspan was busy cheerleading. In a speech April 8, 2005, Greenspan extolled the virtues of sublending:

"With these advances in technology, lenders have taken advantage of credit-scoring models and other techniques for efficiently extending credit to a broader spectrum of consumers. . . . As we reflect in the evolution of consumer credit in the United States, we must conclude that innovation and structural change in the financial-services industry have been critical in providing expanded access to credit for the vast majority of consumers, including those of limited means. . . . This fact underscores the importance of our roles as policymakers, researchers, bankers and consumer advocates in fostering constructive innovation that is both responsive to market demand and beneficial to consumers."

Naturally, it was not until after the debacle unfolded that Greenspan warned banks about imprudent lending standards.

> Another example of how the times have changed is the fact that the book from Hyman Minsky is only available within within 4 to 6 weeks. If you want to buy it now you have to buy a used one and pay at least $167,85 / 34% premium....... ;-)

> Ein praktisches Beispiel das zeigt wie sehr sich die Zeiten geändert haben ist die Tatsache das für das Buch von Hyman Minsky zur Zeit Lieferfristen von 4-6 Wochen in Kauf genommen werden müssen. Wenn man es sofort kaufen möchte muß man auf ein gebrauchtes Exemplar zurückgreifen und mindestens $167,85 / 34% Aufschlag zahlen..... ;-)

> The NYT is reporting in "Greenspan Blogs? Not for Long!" that Greenspan has shut down his blog to promote his new book after only one post....

> Passend dazu berichtet die NYT in "Greenspan Blogs? Not for Long! " das Greenspan seinen Blog zur Promotion seines Buches nach nur einem Post eingestampft hat ......

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Blogger Yogi said...

Greenspan deserves to get hunted down by angry peasants with pitch forks, just like John Law was after the Mississippi bubble collapsed in 1720.

8:30 AM  

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