March 04, 2005

Whack Greenspan again, please

Back here I suggested that Alan Greenspan was perhaps unworthy of all the praise heaped upon him. Via James Wolcott (please read) I find that Dave Lindorff, writing in Counterpunch, agrees with me.

His pronouncements on the financial stability of the Social Security system are no more prescient or sound than his economic forecasting skills, which have been repeatedly found wanting.

It is probably worth remembering that when Greenspan left his private career as owner of a pension management firm, Townsend Greenspan, and went into government service, he left a company run into the ground because of his poor investment advice and market forecasting abilities. By the time he left, Townsend Greenspan had lost all its clients, who had all sought more capable advisers with better records.

American workers should remember all this when they read news reports quoting Greenspan as saying that the Social Security system cannot be expected to pay promised benefits to future retirees.

Glad to have you and James along, Dave.

Posted by Linkmeister at March 4, 2005 04:33 PM
Comments

It's happening on DKos, too.

http://www.dailykos.com/story/2005/3/4/132335/4297
http://www.dailykos.com/story/2005/3/4/213949/8627
http://www.dailykos.com/story/2005/3/4/21628/36557

That's just a few from today.

Posted by: media girl at March 4, 2005 04:47 PM