The High Priest of Voodoo Steps Down  

rm_VoodooGuru1 49M
2116 posts
1/31/2006 3:55 pm

Last Read:
3/5/2006 9:27 pm

The High Priest of Voodoo Steps Down

He was appointed in 1987 just in time for October's Black Monday; heretofore untested, he showed he had brass ones and attacked the crisis head-on.

He then steered us through the '92 recession with grace, making it the shortest recession in US history, and provided the necessary conditions for the boom that was the longest in US history.

During this boom that was the 90s, he was faced with elements and variables that had never been seen before. Unprecedented productivity growth drove constant growth year after year. But while a lesser captain might have seen this as a portent of inflation and raised interest rates, bollocksing up the whole economy, he recognized that the productivity gains were driven by technological innovation, and it could indeed be sustained.

He maintained our growth subtlely and gently, like a virtuoso, fitting since he had once studied at Julliard, then the unforseen catastrophic event of September 11 befell us and he was faced with the greatest challenge of his career.

Showing the fortitude from fourteen years prior, he was one of the few symbols of confidence in the days following. He told global markets that the Fed would guarantee liquidity and would serve as the lender of last resort - in essence, saying the Fed would do whatever it had to do... that he would not let the economy fail. And he did just that.

Eighteen years and four administrations, a host of superlatives... he's decided it's time to step down.

Well done, Chairman Greenspan.

Today's vocabulary word will be posted separately out of respect.

rm_1hotwahine 62F
21091 posts
2/1/2006 9:41 pm

I'll join in a standing ovation for this guy. And in some hand wringing for the rest of us.

Yeah, I'm still [blog 1hotwahine]

PrincessKarma 43F
6188 posts
2/2/2006 1:59 am

Oh dear....

*starts hoarding gold jewelry*

The Big Bang was the mother of all orgasms.PrincessKarma

Rowan_Taltos 47F

2/2/2006 6:43 am

Brilliant man. We can only be so lucky to find another like him.

TexasMar 43F

2/2/2006 2:44 pm

Now, I WILL AGREE with you on this one...GREENSPAN was AWESOME!!! YES, I DO know who he is.

~Stands with you giving a ovation with the rest on them~ He did a great job. He will be hard to replace. A hard act to follow and keep the economy as well off as he did. The balance he created was so well done.


rm_VoodooGuru1 49M
2053 posts
2/4/2006 9:09 am

1hotwahine - yah, the new guy doesn't seem so much a political appointment, but if he associates himself with that crowd, he can't be terribly good. I was hoping for Diane Swonk.

Princess_Karma - heh... there are many in the Bush camp who actually DO want to go back to the gold standard.

You guys use the dollar, right?

Rowan_Taltos - it'll be tough.

TexasMar - good for you, pop-tart!

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