Another MBA Comes Down to Earth
February 26, 2010 10:15 am Economics and FinanceThe former Federal Reserve Chairman Alan Greenspan, holder of the prestigious title of Master of Bubble Administration (MBA), who was widely lauded as an Oracle in the 1990s and was honoured with a fawning cover story in the perpetually naive Time magazine, has finally met his legacy. Hillary Rodham Clinton highlighted the US deficit as a security issue and shared the following comments regarding Greenspan.
Secretary of State Hillary Clinton on Thursday said “outrageous” advice from former Federal Reserve Chairman Alan Greenspan helped create record U.S. budget deficits that put national security at risk…
“I served on the budget committee in the Senate, and I remember as vividly as if it were yesterday when we had a hearing in which Alan Greenspan came and justified increasing spending and cutting taxes, saying that we didn’t really need to pay down the debt — outrageous in my view,” she said…
Clinton’s swipe at Greenspan symbolized the way the former central bank chief’s reputation has fallen since he left the job in 2006.
First named to the office by President Ronald Reagan in 1987, Greenspan served throughout the presidency of Clinton’s husband, former President Bill Clinton. He was regarded as economic oracle whose cryptic pronouncements were searched for inner meaning and regularly moved financial markets.
Now, he has become a handy whipping boy blamed for helping inflate a housing bubble that eventually burst, setting off a grave financial crisis and plunging the economy into the worst recession in decades.
Very conveniently Hillary, she of the ever shifting last name, did not include the Internet bubble in the list of Greenspan’s “accomplishments”, but then she wouldn’t want to further tarnish the legacy of her husband on whose watch this bubble was inflated and eventually deflated with tech stocks peaking in March 2000. This was seven months before Bush Jr. was elected and by the time he was sworn in the tech stocks, as measured by NASDAQ index, had already fallen by more than 50%.
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Arran Gold
Frances :
Date: February 26, 2010 @ 12:03 PM
And in whose Presidency were these comments made anyway? Given the length of time Mr Greenspan was head of the central bank, both sides are responsible for listening to him too closely & not thinking for themselves.
Gary :
Date: February 26, 2010 @ 3:31 PM
Lets look at Mayor Miller who is Mr.MBA Wiz-Kid from Harvard,because right now there are plans to build a Tunnel Link to the Island Airport which Miller blew $35 Million of OUR tax dollars in a Lawsuit when he and Olivia Chow crusaded to killed the Island Bridge.
Miller insists it was a good deal,even when he wasted $35 million to NOT build a $20 Million dollar bridge. Mr.MBA also spends close to $100 million a year to shelter the (Alleged) homeless ( last count about 800 people) at night when Toronto had the chance to buy back the Sky Dome for less than $30 million to use the open space with Cots and provide food and Medical aid from 11pm to 6:00am .
I plan on starting up a business and I WON’T hire any of these same CEO idiots and Harvard Grads who got North America into this Financial mess and caused massive Lawsuits for dangerous Products also made by slave-labour.
My grand Mother used to call these people “Educated Fools”.