The Maestro Redux....
Morgan Stanley Chief Economist Stephen Roach, one of the few Wall Street pundits worth listening to, put out an excellent piece today about Alan Greenspan and the Federal Reserve that dovetails nicely with mine from a few weeks ago.
Based on some things I've been seeing and hearing as a professional in the financial industry---possibly the topic of a future post---I believe strongly that at some point during the next few years the public will demand answers about the Fed, and a lot of people may be shocked by what the spotlight reveals. For now, the public continues to associate this institution with the affable, grandfatherly visage of Alan Greenspan. That's definitely not by accident.
Based on some things I've been seeing and hearing as a professional in the financial industry---possibly the topic of a future post---I believe strongly that at some point during the next few years the public will demand answers about the Fed, and a lot of people may be shocked by what the spotlight reveals. For now, the public continues to associate this institution with the affable, grandfatherly visage of Alan Greenspan. That's definitely not by accident.
posted by The Cunning Realist at Monday, April 25, 2005
5 Comments:
I'd definitely look forward to that future post about what you think is going on. Nice blog here.
Roach only gives half the picture. Greenspan’s true grand experiment is derivatives and other unregulated structured finance deals. The Feds new macro is built on the super-charged securitization and derivatization leveraging and Greenspan’s belief that all the new risk is allocated “to those investors most able and willing to take it.” http://www.federalreserve.gov/boarddocs/speeches/1999/19990319.htm
LTCM proved his theory wrong; but never mind. He still opposed regulation. Then, Enron, World Com, Global Crossing, Fannie, Freddie and AIG demonstrated yet again the huge moral hazards in unregulated and opaque complex “structured finance.” But maybe this is the "new economy" where credit is endless and every failed deal is just rolled over into a new structured arrangement.
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