Tags: Krugman | Greenspan | Fed | economy

Krugman: Greenspan Is 'Worst' Former Chairman of Federal Reserve

By    |   Wednesday, 06 May 2015 03:08 PM

Alan Greenspan has had a terrible record of fear mongering and promoting bad ideas since he stepped down as chairman of the Federal Reserve, economist Paul Krugman writes in the New York Times.

The Nobel Prize-winning professor says Greenspan’s reputation has faltered not only because he denied the housing bubble, but also because of his conservative principles.

In a blog post titled "The Worst Ex-Chairman Ever," Krugman chides the former central bank head for an upcoming speech before a conference organized by the American Principles Project.

“The group combines social conservatism — it’s anti-gay-marriage, anti-abortion rights and pro-‘religious liberty’ — with goldbug economic doctrine,” Krugman writes. “The second half of this agenda may be appealing to Greenspan, a former Ayn Rand intimate. But the anti-gay stuff? And helping these people attack his former colleagues?”

The American Principles Project is a Washington-based think tank founded by Robert P. George, a professor of jurisprudence at Princeton University, where Krugman also teaches.

The non-profit group has an upcoming conference scheduled at the same time as the Federal Reserve Bank of Kansas City's annual economic symposium in Jackson Hole, Wyo.

APP “believes that local and national policies that respect the dignity of the person will lead to a flourishing society,” according to its website.

Krugman also says Greenspan has pushed for less government meddling in markets while trying to drum up fears that the monetary policy of his Fed successors would trigger inflation.

Greenspan "famously complained about ungrateful markets that keep failing to deliver the crises he predicts," Krugman writes. "After a brief moment of doubt about the wisdom of financial markets, he went right back to denouncing regulation while proclaiming that markets get it right 'with notably rare exceptions.'"

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Alan Greenspan has had a terrible record of fear mongering and promotingbad ideas since he stepped down as chairman of the Federal Reserve, economist Paul Krugman writes in the New York Times.
Krugman, Greenspan, Fed, economy
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2015-08-06
Wednesday, 06 May 2015 03:08 PM
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