Hoisted from Comments: "a" writes:
Another Bad Employment Report - J. Bradford DeLong's Grasping Reality with All Eight Tentacles: "If we find ourselves in a financial-meltdown world where unemployment or inflation kisses 10%--then I will unhappily concede, and say that Greenspanism was a mistake." - BDL, 16 July 2008
So, it was a mistake, right?
Yes, it was a mistake. I hereby deny, abjure, and repent my previous allegiance to the gospel of "Greenspanism." I reject Greenspan, and all his works, and all his empty promises.
I will strive now to walk in the light.
Curiously enough, this from my pre-Greenspanist phase actually looks pretty damn smart today...
J. Bradford DeLong (1999), "Should We Fear Deflation?" Brookings Papers on Economic Activity 1999:1 (Spring), pp. 225-252 http://www.jstor.org/stable/2534666