Is Alan Greenspan Rewriting History?

November 2002
Journal of Financial Planning;Nov2002, Vol. 15 Issue 11, p22
Academic Journal
This article presents the rebuttal of John Riley, president and chief investment strategist of Providence, Rhode Island-based Cornerstone Investment Services, on a recent Jackson Hole, Wyoming speech by Alan Greenspan, chairman of the U.S. Federal Reserve Bank, as of November 2002. Greenspan attempted to rewrite history when he said that the Federal Reserve did not have the data to determine if there was an inflation or not and said that no one had the data. Riley said that they had the data and because they knew there was an inflation in 1999, Greenspan also said there was nothing the Federal Reserve could do about the inflation even if they saw one. This simply is not true. Had they raised rates earlier, changed margin requirements or even influenced changes in tax rules, the bubble could have been taken under control and the resulting fallout from the deflating of a much smaller bubble would be much less than is being seen now.


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