In a newly released transcript of a Federal Reserve Board meeting in March 2004, former Chairman Alan Greenspan argues against disclosing too much to the public lest the Fed “lose control of a process that only we fully understand.”
This statement ranks as a sign of monumental arrogance. It was Greenspan himself who didn’t understand — much less “fully understand”– that the Fed’s lax mortgage regulation and easy monetary policies were setting America up for a disastrous fall.
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