Yeah, but all Greenie was doing was keeping the collateral damage from spreading to the financial community itself. The old "bad cop" / "good cop" routine; except the workers got the rubber hose and financiers got the friendly cigarette.
On 4/11/08, Jim Devine <[EMAIL PROTECTED]> wrote: > 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 > -- Sandwichman _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
