This is a painting by Erin Crowe, the artist that has been on CNBC all day working on another Greenspan painting.I don't see much benefit to spending time trying to assess how Greenspan rates compared to other Fed chiefs but whether you love him or hate he has left quite a big foot print behind him.
1 comments:
The whole Y2K thing was a folly. For our Government to behave as if all these things were going to happen, to the extent that people were storing food under their beds....it was a joke.I'm certainly no Einstein, but even I knew there would be NO EFFECT.
But the thing that really left its mark on Y2K, was the FED. They lowered rates, they flooded the markets with money. Money was EVERYWHERE. There was so much money in our system, that it fueled the so called "Tech Boom".
If you noticed, right after Jan. 1, 2000, the market started to realize that the party is over. Money supply started drying up. No more VC money to fund companies that did nothing. As soon as the Fed. started pulling in the money supply...the market started reacting.
In case those years have been forgotten, they were bad.
Well, I blame Greenspan for this. He should have had the guts to tell those pressuring him to flood, that there was no reason. And he should have stood firm, not flooding us with currency. In this case, the boom would not have been soooo big and the bust would not have been sooo bad.
He was Chairman. It was his job to control the money supply during this time. Yes, he has left a mark.
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