Tuesday, March 22, 2005

NY Post : "Wrong-Way Greenspan"

The New York Post took a swipe at the lame duck chairman of the Federal Reserve today. "WRONG-WAY GREENSPAN STRIKES AGAIN" was the headline, marking the ignominious final months of the central bank chief.

"These rate hikes are really a joke anyway. Even as he's pretending to tighten credit through these rate increases, the Fed has actually been allowing the nation's money supply to grow rapidly at more than 5 percent over the last year. If all that money is available, it's going to be put to use — creating the next bubble."

The article is fun even if the damage caused by Mr. G and pals is not. The writer has hopes that events will give the chairman the send-off he deserves. "The winner, I think, will be the housing bubble. If all these rate hikes finally take hold over a short period of time they will deflate home prices just in time for Greenspan's Farewell Apology."


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