On Greenspanism

Preliminary thoughts on Greenspanism:

• In 1987 Alan Greenspan decided that he was a crisis-managing central banker rather than an inflation hawk.
• In 1991 Alan Greenspan decided that he was a central banker rather than a Republican hack.
• In 1993 Alan Greenspan decided that he was a fiscal conservative rather than a Republican hack.
• In 1996 Alan Greenspan decided that he was an optimist about America and its growth rather than an inflation hawk.
• In 1998 Alan Greenspan decided that he was a Randite rather than a punchbowl-removing central banker or a hawkish financial regulator.
• In 2000 Alan Greenspan decided that he was a central banker rather than a Republican hack.
• In 2001 Alan Greenspan decided that he was a Republican hack rather than a fiscal conservative.
• In 2004 Alan Greenspan decided that he was a Randite rather than a punchbowl-removing central banker or a hawkish financial regulator.

Comments

[Frank Wilhoit]

"Decide" is a bit of a strong word, isn't it?

[Andy]

A concise and amusing summary of Greenspan's record. Reading it, one can't help feeling that if an elected politician rather than an 'independent central banker' had pursued this mix of policies over this period, then the USA would be well on the way to being a third world economy by now. It's an interesting example of the way in which market reactions to events are not rational responses to objective circumstances, but a reflection of socially constructed prejudices and beliefs. Brad, do you ever think you should have been a sociologist instead of an economist?

[Measure for Measure]

I missed the 1998 allusion.

[Neil B.]

Just what the Hell does "a Randite" think monetary policy should be, if governments aren't really legit anyway?

[christofay]

What the heck is a "Randite" who spends his entire career being a Federal govt gadfly? Greenspam is to Randite as Republican is to conservative as Democrat is to balls.

[Frank Dean]

It appears that Prof. DeLong's admiration for Mr. Bubbles is on the wane.