“The only thing people like more than a hero is to see a hero fall.”
As I listened to Alan Greenspan testify before Congress, I heard Representatives insult him, question his judgment, and repeatedly interrupt him. Say what? This is “The Maestro.” In years gone by, a politician’s main economic qualification might be his friendship with Alan the Mighty. How have the mighty fallen!
In the go-go years of the internet bubble no one could criticize the Chairman Now that cracks are appearing in the edifice of his worldview, these ladies and gentlemen are trying to paint him as one of the principal villains of the sub-prime crisis.
Anyone who follows this blog knows that I’m no fan of our celebrity culture. But when I hear a private citizen excoriated by our elected legislators, I have to agree with The Green Goblin’s statement above. If Greenspan had a failing, it was listening to the praise we formerly heaped on him.
Douglas R. Tengdin, CFA
Chief Investment Officer
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