|Oops, I guess that didn't happen. |
Disturbingly, Greenspan dissented from Bernanke, in preference of some mongrol kind of leftist, elitist, "control" and a continued lack of transparency -- i.e., of masterfully 'running-the-economy' like the Wizard of Oz behind a curtain (to shield you from the public's eye):
We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand.Oops, another miscalculation-by-elites, I guess. One way to look at it is that the economic problems were too complex even for the geniuses. Another way, the one I prefer, is that it was too simple for them to "fully understand." When you bake a pie with these ingredients:
1) the Community Reinvestment Act
3) Near-zero interest ("discount" and "funds") rates
4) "government-sponsered enterprises" like Fannie and Freddie
5) questionable securities rating agencies
... when you bake a pie with those ingredients, then don't expect it to turn out well. You don't have to be an elite, central banker to figure that one out.