Those who attended the lecture by Chomsky will remember his rile about St. Alan. Greenspan has been in the news this week because of the comments he made about tax cuts, social security and more.
Whiskey Bar takes a serious look at the two faces of St. Alan.
Like the comic book villain, Chairman Al presents two distinct faces to the world --- two different personalities, really. One is the career civil servant who keeps watch over the economy -- raising or lowering interest rates as needed to keep both inflation and unemployment in check -- and regulates (along with the Comptroller of the Currency and the FDIC) the U.S. banking system.
But being Fed Chairman is just Al's day job. His other role is to act as a critical behind-the-scenes player in every major economic decision made in Washington -- and some non-economic decisions as well. This is Greenspan the fixer -- partisan Greespan, enforcer of conservative free-market orthodoxy (unless, of course, a politically well-connected hedge fund and its creditors are in dire need of a federally arranged bailout.)
Billmon ,as usual, does a fine job of dissecting the news story and revealing the bloody guts.