October 09, 2008
"If Mr. Greenspan had acted differently during his tenure as Federal Reserve chairman from 1987 to 2006, many economists say, the current crisis might have been averted or muted."
“ 'He had a way of speaking that made you think he knew exactly what he was talking about at all times,' said Senator Tom Harkin, a Democrat from Iowa. 'He was able to say things in a way that made people not want to question him on anything, like he knew it all. He was the Oracle, and who were you to question him?' ”
Read the full article for a good review of the dangers of faith-based economics – and the risks created when economists are treated as celebrities.