Word: greenspanã
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...Greenspan??s memoir, which he began writing in August 2004, describes his personal history and unique college experience...
...Greenspan??s portrayal of his arrival is similarly ominous. “It was far too early in the morning, and the September air was brisk as we sped up Western Avenue,” he wrote at the opening of Chapter 11 of “Authoritas,” “I was reading printed directions off a bright red sheet of paper. Unlike most streets where you had to strain your eyes to read any addresses at all, the numbers here were larger than life, almost two feet tall and bold, so that they...
...judge rationally from the headlines. Bill Isaac, former chairman of the Federal Deposit Insurance Corporation, recently described them as a “senseless destruction in the U.S. financial system” and a well-known executive exclaimed on the pages of The Financial Times that “Greenspan??s sins return to haunt us.” Finger-pointing, whining and semi-fake expressions of compassion with homeowners are all mixed in print and the airwaves with serious analysis. A surefire recipe for confusion has thus emerged. Although many seem to enjoy suggesting that the present...
...Although Greenspan??s analysis referred specifically to financial markets, it also restates a valuable historical lesson about politics: If we expect what is reasonable, we will be disappointed. At least in the financial world, models are more helpful, because despite the inexistence of a homo economicus, most people in most circumstances are driven by profit maximization. They may not know how to achieve it at all times, but they always want better results for their portfolios. When it comes to politics, however, for better or for worse, motivations more often transcend rational concerns...
...almost everyone has heard of the housing bubble. For years real estate has been “frothy” in the U.S., to use Alan Greenspan??s term, as certain parts of the market have seen rapidly rising prices. Although many analysts now feel that the bubble is coming to an end, it remains to be seen whether there will be a hard or a soft landing. As that debate rages, there is another bubble that I hope will burst very soon—the “ugly housing bubble...