In a newly released transcript of a Federal Reserve Board meeting in March 2004, former Chairman Alan Greenspan argues against disclosing too much to the public lest the Fed “lose control of a process that only we fully understand.”
This statement ranks as a sign of monumental arrogance. It was Greenspan himself who didn’t understand -- much less “fully understand”-- that the Fed’s lax mortgage regulation and easy monetary policies were setting America up for a disastrous fall.
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See Also:
- A Psychologist Explains What Greenspan's Apology REALLY Means
- Greenspan Humiliates Himself Again
- Alan Greenspan's Slide Into Oblivion: The Complete Guide
Full story at http://feedproxy.google.com/~r/businessinsider/~3/p8w6wFrW4PQ/greenspans-arrogance-set-the-us-up-for-a-huge-fall-2010-5
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