Sunday, October 26, 2008

Victor Niederhoffer's Take On Alan Greenspan's Testimony

One can't help but think that Alan Greenspan's confession that his belief in free markets was wrong is an example of the "Old Man Syndrome" a la Cyril Burt wanting to have the most identical twins in his study, combined with George Zachar's "your own man said you were out." -Niederhoffer

In a lot of people's eyes, Old Man Syndrome, is an easy way to let Greenspan off the hook for a long career as a government apparatchik.

Greenspan's one time girlfriend, Barbara Walters, in her autobiography, Audition, even pointed out that she contentiously debated with Greenspan over the fact that he took the position of Fed chairman. She wrote: "How Alan Greenspan, a man who believes in the philosophy of little government...could end up becoming chairman of the greatest regulatory agency in the country is beyond me..."

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