Thursday, March 12, 2009

The Evil Asians and their Savings Glut

Alan Greenspan has a self-serving piece in the Wall Street Journal.

Those evil Asians with their savings glut did us in & poor Alan was powerless.

He should read

Auerbach, Robert D. 2008. Deception and Abuse at the Fed: Henry B. Gonzalez Battles Alan Greenspan's Bank (Austin, TX: University of Texas Press).

Some very interesting stuff there, Alan.


Neil Cameron (One Salient Oversight) said...

One economy's savings glut is another economy's spending splurge.

The US needs to take responsibility for its overborrowing and overspending, not blame the current crisis on the yellow peril.

Shag from Brookline said...

As I shrugged, I wondered: "How can anyone have any confidence in Greenspan's Rand-i-ness?"

Shag from Brookline said...

Atlas Shrugged was published in 1957. Kurt Vonnegut's Player Piano was published 5 years earlier. I wonder if Alan read Player Piano. Of course, Alan favored the saxophone. Alas, he has not only lost his embrochure but also his comfort with and reliance upon Friedman and Rand, as he riffs, off-key, on what he said only a few months ago.