Alan Greenspan, Federal Reserve Board Chairman, 1980s and 1990s, for over 18 years.

We live in a time of vast changes

    1. end of the cold war, a change in the geopolitical dimensions of the world
    2. globalization
    3. a turbulent times for economic changes

Innate character of human nature, after a period of exuberance (unfinished thought) to . . . .

We had a housing "a bubble in housing" due in part to the unleashing of dormant capital in the old Soviet Union, that with the end of the cold war was freed to invest worldwide.

When you get bubbles there is no way of diffusing this until the speculative fever subsides and the peak causes the bubble to burst on its own accord.

Greenspan is a libertarian Republican in that he believes that markets work and contribute to civilization.

"We can't improve ourselves."

The Age of Turbulence

The two smartest Presidents have been Richard Nixon and Bill Clinton.

Richard Nixon,

"I came away shaken." • "Its what you heard on the tapes." • "I was shocked by the profanity."

Bill Clinton,

"He understood it, he got it." • You could make fairly abstract arguments and he could correct you.

September 18, 2007.

the tulip crisis in finance | utilitarianism | ideology | willingness to pay | federal deficit | economics