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February 04, 2009

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Jeffry Pilcher

To combat the LAST recession, Greenspan cut the Fed rate so many times that he alone could be blamed for the subprime bubble.

Chris Skinner

Hey Jeffry, exactly how popular is Mr. Greenspan in the USA right now?

On a scale of 100, he probably scored about 98 from the audience I was with in 11/07 on the gravitas and intellectual heavyweight scale, and about 65 on the popularity scale.

I'd probably guess both figures have come down a bit since then!

Chris

Tracy Bramlet

In September 2008, Alan Greenspan pronounced this the "worst economy I've ever seen". However, he took no responsibility for his part in helping to create the mess. Alan Greenspan is not the Oracle of the Economy. If he were then he might have seen what was coming and abandoned his advocacy for deregulation. Yet, many in the markets keep paying attention to his pronouncements. How many times does the Oracle get to be wrong before we stop listening?

CB

It is hard to blame one person for the crisis, however Mr. Greenspan was the proverbial juggler who dropped a few balls during his reign. I personally think the majority of the blame lies on the Mark to Market rules applied to instruments that are not meant to be accounted by that method. If you remove this requirement suddenly we can assign a value and price these instruments properly. Hmmm...

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