(no subject)

[johnny9fingers]

Came across this in the Observer (the Guardian's Sunday sister paper) about Alan Greenspan's recently published memoir:

http://observer.guardian.co.uk/world/story/0,,2170237,00.html?gusrc=rss&feed=networkfront

I'll quote a paragraph or two from the article:

In his long-awaited memoir - out tomorrow in the US - Greenspan, 81, who served as chairman of the US Federal Reserve for almost two decades, writes: 'I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.' 
In The Age of Turbulence: Adventures in a New World, he is also crystal clear on his opinion of his last two bosses, harshly criticising George W Bush for 'abandoning fiscal constraint' and praising Bill Clinton's anti-deficit policies during the Nineties as 'an act of political courage'. He also speaks of Clinton's sharp and 'curious' mind, and 'old-fashioned' caution about the dangers of debt.

I always thought Greenspan was more of a Republican/Randian actually, and am surprised by his analysis. Perhaps in our old age, we return to the Logical Positivism of our youth: or we become pragmatists, using any tools at our disposal to avoid disaster.

As an aside, as may be obvious, if any bank comes under sustained pressure from its investors....
We either have faith in the banking system, or we're buggered good and proper. I'd suggest faith. Somewhat better than if the whole banking system goes tits up, which is a lose-lose situation.