08-04-2008:Column 160 Greenspan en de financiŽle ballon!
 
Deze "hyperintelligente Greenspan" blijft hinderlijk voor de voeten lopen en wordt nog kwaad ook als ze hem alle ellende verwijten!
Misschien is hij al wel dement maar heeft nog niemand het in de gaten!
In ieder geval nog niet zo ver heen dat hij een buitenkansje liet lopen om als adviseur in dienst te treden van het hedgefund dat het meeste aan de financiŽle ellende heeft verdiend.
Als je alleen al zijn toespraken ziet en zag, vraag je jezelf af, hoe hij de onzin en de "toverspreuken" bij elkaar geformuleerd kreeg en vooral ook uit elkaar kon houden.
Hij is ook degene die de derivaten- en optiehandel ongebreideld zijn gang liet gaan ten koste van de gewone man in de USA.
De onzin waarbij men speculeert in grondstoffen om zich in te dekken tegen inflatie en dan nog met een stalen gezicht beweert, dat de inflatie vanaf 1983 t/m vandaag in de olieprijs is ingeprijsd.
Als dat zo is waarom dan de start van de optiehandel als peildatum genomen, misschien kunnen wij de inflatie terug inprijzen tot 1900, kan er nog meer gespeculeerd worden.
Nog gekker is dat men niet eens in de gaten heeft, dat als er een bericht komt dat OPEC minder geproduceerd heeft in maart, dit misschien komt omdat er niet meer behoefte voor was.
Eerst moest de prijs van olie ongebreideld stijgen, omdat de geopolitieke onrust ingeprijsd moest worden, die vervolgens als de volgende bubble in de olieprijs bleef zitten.
Daarna was er een tekort volgens de geleerden, wat dan bij nader inzien geen tekort blijkt te zijn, omdat de voorraden onverminderd op topniveau blijven.
Ondanks het feit trouwens, dat de raffinagecapaciteit thans nog maar voor 82% benut wordt (vorig jaar rond deze tijd 96%).
Heeft iemand zich ooit afgevraagd, wat er zou gebeuren als die benuttingsgraad de afgelopen 6 maanden nu eens gelijk zou zijn geweest aan die van 12 maanden geleden.
Volg je gespeculeer en gemanipuleer dan enige tijd dan blijken ondanks slecht weer op ontvangsthavens (geregeld Houston),uitvallen van bronnen (Nigeria-onrust, Canada-pakijs bij St John e.a. ) de voorraden tot grote hoogte op te lopen en nooit te worden aangesproken.
Inmiddels staat de prijs echt los van de economische waarde van het product, dan roept men vol trots als het volgende excuus dat nu de inflatie vanaf 1983 is ingeprijsd.
Het enige wat je in het dagelijks commentaar op bijvoorbeeld de site van Bloomberg tegenkomt is, dat specialisten het ene moment iets speculeren en vervolgens binnen 24 geloochenstraft worden.
Speculatie en onzin door specialisten uitgekraamd zijn de buzzwords op iedere financiŽle site.
Het wordt tijd dat men op wereldschaal gaat inzien dat de burger uiteindelijk de rekening betaalt van al het gespeculeer dat aan de gang is.
Hoe lang wordt dit nog getolereerd?
Snoer Greenspan en andere financiŽle specialisten de mond of zorg in ieder geval dat zij voor hun speculaties ("propaganda")ter verantwoording kunnen worden geroepen, dat geldt toch voor iedere normale burger



Het volgende komt uit de nieuwsvoorziening van CNN, zie onder!
Greenspan lashes out again
Former Fed chief Alan Greenspan is back on the warpath. A day after he raised eyebrows by insisting in the Financial Times that central bankers were powerless to prevent the housing bubble, Greenspan tells The Wall Street Journal that he is being unfairly singled out for criticism for policies he believes have yet to be discredited. "I do take it seriously if my peers think I have misstated the facts," he tells the Journal. "But where's the evidence? Too many people make accusations by assertion. I think it's improper."
Fair or not, the criticism of Greenspan centers on the notions that he was too quick to reduce interest rates and that he was uncritically supportive of so-called financial innovations such as derivatives and adjustable-rate mortgages. Greenspan's 2004 speech extolling the virtues of adjustable-rate mortgages looks particularly imprudent now, in the light of rising delinquencies on those loans. Greenspan, however, prefers to focus on his efforts a week later to explain that he thought plain old 30-year fixed rate mortgages were okay too. The Journal's Greg Ip quotes Greenspan saying he finds it "profoundly disturbing" that everyone remembers the speech and not the explanatory comments.
Of course, it's just that sort of posturing that drives Greenspan's many critics to distraction. Greenspan's comments in the FT prompted a point-by-point rebuttal from Yves Smith at Naked Capitalism, one she concludes by comparing Greenspan unfavorably with the late President Richard Nixon. "When Richard Nixon tried to rehabilitate his reputation, he didn't dispute the horrific errors of judgment he made while in office," she writes. "He instead made useful, substantive intellectual contributions on other fronts. But Greenspan is an ideologue and intellectually bankrupt, so this option may not be open to him."
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11 Comments | Add a Comment | Email Digg Facebook

I can possibly see why Greenspan would be irritated and to use your article's phrase "Lash Out"Ö..The politics and those behind this blame game are childish at best, the Bush Administration disgust's me in this latest endeavor to point the finger at greenspan if only to look good in the publics eyeÖÖThank god its an election year. Get that man and his administration out of office.
Posted By Indianapolis, IN : April 8, 2008 9:15 am

If you read Greenspan's book it is easy enough to understand. He certainly has his share of the blame but it has a deeper root than most of current commentators attribute or understand. It is very cleat that Greenspan is a dogmatic "Free marketer" a la Ayn Rand/Milton Friedman, and most of the time the free market works pretty well. But the times that it doesn't are when the "animal spirits" get revved up. We can now quote Keynes.
"Speculators may do no harm as bubbles on a sea of enterprise, but the position is serious when enterprise becomes the bubble on a sea of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done."
Keynes, sadly, is not in as good repute as the free market ilk these days, which is too bad. Keynes was a succesful speculator himself and understood this. Greenspan and the late Milton Friedman on the other hand were merely succesful theoriticians and in the former case, also a government bureaucrat. Neither really understood the "market" in a hands on way and thus they both get/(got) very riled up when their theories/predilections are challenged.
riseamiithe proble
Posted By Tom Fowler Denver, CO : April 8, 2008 9:10 am

Greenspan, you speak like a politician. Spin City. Be a MAN and admit your mistakes. Do not try and justify what you did so you can continue to receive endorsement monies from speaches and books etc. I am so embarassed for youÖÖ
Posted By Mike Stewart Del Mar, CA : April 8, 2008 9:02 am

Adjustable rate mortgages may be acceptable these days, but that doesn't make using them a prudent decision.
If your buying on credit you probably can't afford it and should not be buying it.
Credit was created not for the sole benefit of the buyer, but mainly to benefit the seller by providing a larger market for the goods sold.
Posted By John - Fairfax, VA : April 8, 2008 8:58 am

I'm not a business expert but didn't all of those 'creative' sub prime loans that allowed anybody and anything with bad credit or otherwise happen under his watch? Where was he when all this was going on? He was supposed to be our guru of the Feds money policy. He was the one who was supposed to be watching the store. Its as though he put an out to lunch sign up on the front door and came back to find the store had been robbed. Why? Because he left the door unlocked. Rather than express responsibility like a true bureaucrat here come the excuses. You blew it Al, fess up.
Posted By Elliot Sachs, Port Jefferson Station, NY : April 8, 2008 8:58 am

I think we should outsource these people who double talk themselves into history. They only care about making a buck and care nothing about real working Americans.
Posted By Enfield Ct : April 8, 2008 8:46 am

I have always felt, Greenspan to be a savvy political hack. I waited for 2 years to buy a house around 2005 because buyers with 100% down and poor credit history were coming to the market and bidding up house prices and the bubble was clearing forming. Greenspan continued to insist there is no bubble, just some froth in some markets. The stock market had a ball with the low interest rate. Savers were punished and everyone borrowed recklessly, even congress went on a deficit spending spree under a republican administration. Well, like all good things, the party has come to the end, and it is time to pay up. Unfortunately congress is back bailing out the homeowners who were "misled" and again punishing those who have been responsible and also those who are savers.
Posted By Ben, Minneapolis, MN : April 8, 2008 8:41 am

Why is Greenspan so upset? During his tenure as reserve chairman, the dollar lost 50% of its value
Posted By Steve Lewis, Holly Springs, NC : April 8, 2008 8:40 am

He's no longer the Chairman of the Fed. Please just be quiet and enjoy your retirement. I think, to an extent, people take his pronouncements as gospel and he is part of the problem.
Posted By Mike, Milwaukee, WI : April 8, 2008 8:30 am

And how the current fed actions are any different. They are just preping us for the next bubble. Nothing more!
Posted By Dragomir, Toronto : April 8, 2008 8:28 am

Greenspan should have retired quitely and disappeard into the sunset. Instead, as if by plan, he creates a pitiful distraction of himself.
For years the market analyzed his every word and moved accordingly. Wow goes to show how stupid the market really is.
Buy and hold stocks it's the right thing to do. (If you can afford to support the market)
Ontleend aan CNN op 8 april 2008
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