Letters to the Editor
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MVP: Greenspan
I concurr about Greenspan.
I still remember Greenspan giving that bogus advice that homeowners should switch to adjustable rate mortgages (ARMs). He waited until rates fell to their lowest before he offered this advice, and then he failed to note that it was likely that rates had bottomed out and that future rate increases were much more likely than decreases. How did that turn out? I'm not sure I want to put this guy in charge of cleaning up the mess he helped create.
It's also interesting to note that Greenspan has never renounced his perference for some type of gold standard, though he may be on to something with that one, given how the Fed has hosed everything.
Hillary had some pretty scary stuff to say about Greenspan (IMHO)
He has a calming influence still to this day on Wall Street—don't ask me why because I never understand what he's saying [emp added] — but nevertheless people respond to that Delphic oracle approach. I think it would be wise to include him. And recently he's come out, and very smartly so, that we have to deal with housing and maybe we need to have some kind of buyout mechanism for mortgages. So he's moved on his understanding and depth of the problem— but you know you could pick three others. You just have to have some demonstrable involvement of presidential leadership.
http://nymag.com/daily/intel/2008/03/hillary_clinton_can_not_think.html