Just when you thought reason and rationality were finally taking over...Greenspan is back.
Will he give us the usual Touts about how wonderful everything is...?
Or perhaps plead "guilty with an explanation" for the mess he dumped in Bernanke's lap?
P.S. No...he's still unrepentant...
"The U.S. economy has been able to absorb the huge impact of rising oil prices with little consequence to date because it has become far more flexible over the past three decades, owing to deregulation and globalization," Greenspan said in prepared testimony.
He warned, however, that "growing protectionism" could undermine flexibility and make the U.S. more vulnerable to swings in the oil market.
Greenspan suggested that high oil prices may be here to stay given low investment in new production by oil-producing nations and their state-owned companies. "
