Volcker's reputation was won because he was an inflation hawk -- and successful at it (with a major assist from falling oil prices). The "financial community" (which gave him his reputation) doesn't care about the collateral damage from his policies. Greenspan, on the other hand, seems to be losing his reputation because he helped pump up bubbles.
On Fri, Apr 11, 2008 at 7:41 AM, Sandwichman <[EMAIL PROTECTED]> wrote: > Great quote from Volcker, although I can't imagine why his "legacy has > not crumbled" also. > > > On 4/11/08, Louis Proyect <[EMAIL PROTECTED]> wrote: > > NY Times, April 11, 2008 > > High & Low Finance > > It's a Crisis, and Ideas Are Scarce > > By FLOYD NORRIS > > > > Paul Volcker, the > > former Federal Reserve chairman whose legacy has not crumbled since he left > > office, was right this week when he said the financial engineers had > created > > "a demonstrably fragile financial system that has produced unimaginable > > wealth for some, while repeatedly risking a cascading breakdown of the > > system as a whole." > > > -- > Sandwichman > > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
