It's amazing to me the number of people who are calling Alan Greenspan a genius again.
The wizard who navigated another soft landing, they say. I disagree.
Do you call the guy who sets a fire in a theater, then puts it out, a hero? I don't.
Alan Greenspan is a very smart guy, but he's not infallible.
Are our memories that short? Do we forget all his interest rate hikes in 1999 and 2000 that set the stage for this slowdown?
If they were so wise, why were he and his Fed gang so quick to undo them only months later?
I'll tell you why. Because they knew they botched it. And they couldn't hightail it and reverse themselves fast enough.
Where do these guys get off?
You know, some people say, Cavuto, who are you to play Monday morning quarterback?
I'll tell you who. The same guy who was telling you the Sunday before.
The economy wasn't so strong or inflation so unbridled, that we needed the interest rate hikes we got.
I said it then and I'll say it now: we're doing well now, not because Alan Greenspan saved the day, but because he woke up just before he damn near destroyed it.
He's not the answer to our prayers. A higher power was the answer to his.
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