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Greenspan....maybe he should just retire

Photo Bloomberg I've always respected Alan Greenspan. But his recent comments regarding the "Housing Bubble" make me question if he was only politically grandstanding at the time, or is he grandstanding now.

Let's go back to June 10th of 2005. At the time Greenspan made the infamous speech about the housing market being comparable to "froth" and not a bubble. (See article) But now he's changing his tune ( see article ). So the question begs to be asked, Is Greenspan really that smart, or is he just a political hack that now feels that he's shouldn't be considered yesterdays news.

Now Greenspan like so many before him have bit the proverbial hands that fed them. Bush and his staff have been more the loyal to the GOD OF WALL-STREET and now he wants to avoid his share of the blame for the current market meltdown in the credit market. Amazing how you take credit for all that is good in the economy, but now it's time to beat a hasty retreat and blame it on someone else.

Mr. Greenspan, you and your boy's were the ones whom put gasoline on the fire, not the Bush administration. Try the blame game with someone else, because if anyone should share responsibility for the current market its yourself.

When history covers this era, I hope that Greenspan and his cronies are the ones who get the "blame" and not Bernake for the current crisis. Perhaps Bush's crew spent too much money and have us in an unpopular war, but you can't blame everything on this president. Alan needs to quit ducking or finally do what he claimed he was going to do last year, and thats RETIRE!!!!

(photo from Bloomberg)

Posted by Karl Christen Credit & Liabilities Planner on 09/17/2007 11:13 AM

Comments (8)

greenspan, mortgage crisis, meltdown, blame, politicians, federal, us

8 Comments on Greenspan....maybe he should just retire

Well put, Karl. Everyone wants credit for the good times and is quick to point fingers when it's a little tougher. At least Reagan is finally getting credit for the hard work that he did in office.

09/17/2007 11:20 AM

by Leigh Brown Charlotte NC Broker/Owner (RE/MAX Signature Properties)

I think he just wants to sell a book. I too am disappointed as why didn't he say something before?

09/17/2007 11:21 AM

by Candy Henthorne- Spring Texas Real Estate (Results Realty)

Retire from what? Greenspan already retired nearly twenty months ago..it was all over the news media and the Internet.

09/17/2007 11:21 AM

by Wayzata Lakes Realty: Eric Kodner Sells Luxury Homes

He is just another political hack, politics is everywhere it just can not be avoided.

09/17/2007 11:25 AM

by Jay McGillicuddy~Real Estate Broker (Prudential Verani Realty)

Leigh, did you know that Alan Greenspan was appointed by Ronald Reagan in 1987??

09/17/2007 11:27 AM

by Wayzata Lakes Realty: Eric Kodner Sells Luxury Homes

Karl, Of course he's defending himself after all he doesn't want to charge less for his speaking engagements. Let's face it economists study historical data and it's difficult or it's not their policy to make decision based on forecasts. Many of us speculated on how long this market could sustain this type of growth and the creative financing that was involved. I believe many of us believed that when this came to a stop it was going to be a sudden one. Oh well we speculated but continued to invest and sell in this market. Same reason why people kept on buying Enron, Money!!! The big difference is that in real estate you at least have a real asset tied to your investment. It's so funny that when everyone is making money nobody gets on the soap box to yell out "stop these loans are bad for our market", but we all want to blame somebody when people begin to lose money.

09/17/2007 11:32 AM

by Mario Villagran, MBA, Realtor (Pacific Atlantic Real Estate)

Greenspan is on the book marketing swing. Listening to his comments it sounds like he is like the rest, arrogant and not willing to accept any responsibility. He will ride into the sunset like the ones who have gone before!

09/17/2007 11:39 AM

by Gary Waters -Real estate agent Viera Suntree Melbourne and Rockledge FL (Century 21 Baytree Realty www.moving2brevard.com)

Greenspan? What a joke. Heaven help us from all the political B.S.

09/17/2007 12:23 PM

by Jason Adams-Summit County, Colorado Realtor (Coldwell Banker Colorado Rockies Real Estate)