OK, back to the bad news. Former Fed chairman Alan Greenspan says this Lehman/Merrill thing "is in the process of outstripping anything I've seen."
(Thanks to Andrew Sullivan)
categories: News
Planet Money
Please keep your opinions to yourself Chairman Greenspan. Here is an example of the 'pot calling the kettle black'. Gretchen Morgenson gives a perspective of Greenspan that sums it up for me: " ...He will be viewed by history as a federal reserve chairman not of the highest rank...".
Morgenson Sheds Light on Subprime Mortgage Crisis; Fresh Air from WHYY, October 10, 2007.
This maybe out of left field and I dont know how accessible this person is to public interviews, but the show really should interview, Jeffrey Lacker, President of Federal Reserve Bank of Richmond. The reason I feel he would be a great "get" for the show is he has lead the dissent of the last FOMC rate cuts (See "When hawks cry" , The Economist, Sept 11th, 2008 Economist article). Mr. Lacker has a fundamentally different view of the use of monetary policy and its effects on inflation than other members of the FOMC. His view on baseline inflation and where we are now are interesting to say the least. Of note he is quite uncomfortable with the current low fed funds rate.
You can do you own research on him: http://www.richmondfed.org/news_and_speeches/appearances/index.cfm
But he seems like a lone voice out there with very salient points..
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