‘The Undertaker’ Bares His Inner Soul

He says rock-bottom interest rates actually went against his “19th century” aversion to easy money. “My inner soul didn’t feel comfortable,” he says.

—Alan Greenspan, “Greenspan Goes on Defensive,” the Wall Street Journal

Are you feeling depressed?

Anxious?

Nervous about the housing market? The job market? Oil prices at all-time highs? Gasoline prices cracking $4.00 a gallon?

Can’t sleep with iron ore prices going through the roof? Coking coal prices soaring? Rice-rationing triggering social unrest and mass starvation?

Then read your Wall Street Journal today—specifically “Greenspan Goes on Defensive”—and have a good laugh.

Not since Bill Clinton told the world he “did not have sex with that woman” and George Bush gave his Nixonian “mistakes were made” speech on Iraq, has a public figure of such stature tried to brazenly downplay his role in a public failing entirely of his own making.

To whit, Alan Greenspan’s Federal Reserve’s Bubble-inducing 1% interest rate monetary policy—the fallout of which we are all dealing with today. Here’s just a sample, but you must read the entire piece for yourself: “I was praised for things I didn’t do,” Mr. Greenspan said during one of three interviews at his sun-drenched office in downtown Washington, D.C. “I am now being blamed for things that I didn’t do.”

It is difficult to recall Mr. Greenspan ever denying whatever undue credit he was given back when his legacy was still untarnished. But now that his legacy has been not only tarnished, but bound with duct tape, he has come out swinging.

And not merely with logic and numbers.

Turns out, the man called “The Undertaker” by his role model—the androgynous, free-market, absolutist Ayn Rand—has a softer side that he never revealed to the capital markets denizens who once idolized him, until today:

He says rock-bottom interest rates actually went against his “19th century” aversion to easy money. “My inner soul didn’t feel comfortable,” he says.

Makes one wonder what Ayn Rand is doing right now. Rolling in her grave, perhaps?

More likely she is trying to summon the spirits with which to contact her broker, in order to buy more gold futures for her estate.

Jeff Matthews I Am Not Making This Up © 2008 Not Making This Up LLC

The content contained in this blog represents the opinions of Mr. Matthews. Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews’ recommendations. The commentary in this blog in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.