you wrote about Greenspan:
His mission is to keep the FFR as low as possible and money supply sufficient without causing undue inflation and promote near full employment. On those grounds he was excellent. Considering the challenges in his tenure, he performed brilliantly.
Yes, he may have steered the ship well, but as the captain he also had a responsibility to alert the passengers to don their life jackets and to check and make sure there were enough life boats. But he didn’t do that. Not at all, and for this omission he will be remembered.
In the end I can’t help shake the feeling that he’s like all the other experts I’ve met in my life. Sure that they know the answers, confident that they will do the right thing, but all too often human, and as such capable of grave errors and misjudgements.
