Fred Sheehan, author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession was on Bloomberg yesterday talking about the morning session of yesterday’s Financial Crisis Inquiry Commission hearing.
He makes a good point about how the overall tone was much different than when the former Fed chief used to trudge up to Capitol Hill and talk to elected officials, many of whom hadn’t a clue about monetary policy or the financial system.
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It always comes to this. Someone, who was deciding, did not have a clue. Be it Fed chairman, be it members of Congress, … Our government wages wars without having a clue about the required number of troops, what happens afterwards, or even if a war is really necessary. It creates economic policies without having a clue about what will happen a couple of years down the road, and then evading the responsibility for corrective action needed ti fix what happened.
[...] Greenspan and the Fed, credited the panel with doing a decent job in preparing for his testimony. Sheehan noted that Greenspan wasn’t used to having to answer follow-ups and seemed stumped. When he used to [...]