Greenspan Meets His Match

Just three years ago Alan Greenspan was called "the Maestro" and received unlimited adulation. But the mighty have fallen. Here is a young interviewer who shows little respect for his age or his previous reputation. I have to chuckle while I watch this. It must be painful for a proud man to realize that his mistakes have crippled society and now that society moved on, ignores him, and forces him to put up with a young, poorly informed, unrespectful young reporter:



At 20:40 she really hits him with the charge of "tarnished legacy". Wow! What a slap in the face. He shows his hubris by his demand that "they prove me wrong". Guess what. That's been done and he's already admitted in testimony to Congress that his long held Ayn Rand-based free market ideology has been shown to have led to the "irrational exuberance" of the dot.com bubble and crash, then the housing bubble and the Great Recession. He is fully discredited. But in this interview his honour was impeached, so he rose to the occasion by demanding that other "prove" him wrong. History has proved him wrong.

In the good old days, the old nobles withdrew to a hut in the forest and lived out their days in anonymity. But I guess Greenspan just can't give up his lust for the limelight.

I agree with most of what Greenspan says. I have empathy for him having to put up with some questions and statements from this young reporter that shows that while she is smart and educated, she is not wise, nor is she deeply conversant with the past twenty years and the relevant economic theory. She really is disrespecting her elders. But that is the way of the world these days.

But, this disrespect is justly deserved by Greenspan since his policies did lead the world into the Great Recession and he has not yet done enough penance for that great harm he has done everybody.