Another Opinion that rings true of Greenspan failures:
He won praise for his handling of the 1987 economic crash?” More like, he was partly to blame. In “Adventure Capitalist,” Jim Rogers wrote a scathing review of Greenspan’s career...Greenspan has a long, long history of failure. That is why he has a government job. He has never been very successful.
In 1974, he was head of the Council of Economic Advisors. The country was in the early days of inflation. Greenspan’s solution to inflation was to give out little WIN buttons, for Whip Inflation Now. And, of course, during his tenure, inflation went totally out of control. Whatever he tried failed miserably. He went back to work int he private sector, from which he lobbied heavily to get the job as chairman of the Federal Reserve.
Almost immediately after he got the job came the Panic of ‘87, the stock market went down about 20 percent in one day. Percentage wise, it was the biggest stock market collapse ever. Greenspan and his mutterings were part of the reason for the collapse. The week before, Greenspan had gone on and on about how the U.S. balance of trade was getting much better and things were under control. Two days later, the balance -of-trade figures came out, and they were the worst in the history of the world.
Right away, I and a lot of investors-especially internationally- realized, “This guy is either a fool or a liar. He doesn’t have any idea what’s going on.” We now know that Greenspan is no liar. He has simply never understood the stock market. He has never understood the economy.
I also suspect taht 60 minutes edited him to put an edge on his remarks. Maybe he didn't think Reagan was bright, but I hope that doesn't equal wishing Jimmy Carter remained president, as opposed to Reagan.
The economy was in such full disaster mode under Carter that disfavoring Reagan and his subsequent results would border on madness.