Roj Bash Kurdistan

A strongest USA man admits he was wrong for 40 years

http://en.wikipedia.org/wiki/Alan_Greenspan

Alan Greenspan could be considered as a strongest man in USA and the World. He was the chairman of USA Federal Reserve from 1986 to 2006. During this time, he dealt with a lot of economic crisis successfully and caused strong economic recovery after each crisis. He became a strong economic psychological boaster. When ever he spoke or his name mentioned the value of stocks and shares went up worldwide. A few days ago, he admitted his economic model, for 40 years, was wrong. He did that in front of congressional enquiry about present financial crisis. It is interesting, while he was speaking to the congressional enquiry committee, USA market value of shares was going up

In my classes sometimes people would ask "What is the US going to do when Alan Greenspan dies". The answer was always a joke line, the answer was "We will have to stuff him and wheel him in there, he's not allowed to die". His economic theories did not really work out in the end, but I do not want to see him disgraced, he did his best and he admitted he was wrong about some things. Admitting you are wrong, is a very strong thing to do. I hope the next Fed Chairman rethinks economics, and doesn't follow all of Greenspan's thinking. Keynesian economics has better merits.

Emmunah wrote:In my classes sometimes people would ask "What is the US going to do when Alan Greenspan dies". The answer was always a joke line, the answer was "We will have to stuff him and wheel him in there, he's not allowed to die". His economic theories did not really work out in the end, but I do not want to see him disgraced, he did his best and he admitted he was wrong about some things. Admitting you are wrong, is a very strong thing to do. I hope the next Fed Chairman rethinks economics, and doesn't follow all of Greenspan's thinking. Keynesian economics has better merits.

Actually all his policies or theories or plans or remedies worked very well but nothing works for ever. Every thing has the beginning and the end. Most probably this is his view as well but he didn’t want to give the impression he was not responsible for this crisis. Because no one would have accepted it and meant he was blaming those, who are in charge now. So he took a short cut. He blamed himself.

This crisis is quite natural in a free market. When it goes up, it has to come down again and when it comes down, it has to go up again. This crisis could be described as generation crisis. This generation of economic managers could be classed as Greenspan generation, worldwide. All of them became millionaires and billionaires, and old. When Mr Greenspan left, they became leaderless and they realised they had to leave too. This demoralised them and they became careless. Consequently, things went out of hand.