Will it make any difference who replaces Greenspan given the current state of things in the US?
The massive US structural problems are being competely ignored, except for an occasional side statement by the G-Man every once in a while.
But then, Greenspan follows up with: "The imbalances will be "self correcting?"
What exactly does that mean? It sounds like a Doctor saying: The patient is now "cured." Because he's dead!
Greenspan's experiment in Bubblenomics seems to be coming to a disasterous end now. His "new idea" was to keep the punch bowl filled to overflowing all the time---NO MATTER WHAT. And we had some nifty bubbles to show for it....and lots of paper asset inflation and probably a little real "growth" too..
The person Greenspan most reminds me of is JOHN LAW of bubble-fame back in the 1720's. The damage Law did to the economy of Europe in the 1720's took 100 years to reverse. As to a replacement? Strawman, Patsy, Stooge, Fall Guy, Hack, or Lunatic what difference will it make?
The damage has been done. The US economy has been looted. Elvis has left the building........and Greenspan has left us with a New Gordian Knot.
Who will pull the sword from the stone now? We desperately need a NEW KEYNES to cut this Greenspanian Knot?
........Perhaps Krugman from the NYTimes? Nah.....
