Greenspan Shocker: “I Had No F---ing” Clue
In a bombshell revelation, former federal reserve chairman Alan Greenspan writes in his new memoir, “The Age Of Turbulence,” that he dropped out of college, lied about his credentials and really doesn’t know the first thing about economics.
“Man, I padded my resume like the seats of a Volvo,” admits the man who, for 19 years in Washington, could affect consumer confidence and shake up Wall Street with his every pronouncement.
Greenspan was an unemployed drifter looking for work as a saxophone player who had dropped out of New York University in the mid-1940s when he began to offer his advice about money to those few friends who had some. “A friend of one friend, who was working toward his MBA, once remarked that what I was saying sounded a lot like laissez-faire capitalism, and I said, “You’re damned right it does.”
It was then, Greenspan said, that he started telling people he had advanced degrees in economics and ultimately won a job at a New York-based think tank, The Conference Board. He then served more than 30 years as chairman and president of Townsend-Greenspan & Co., Inc., an economic consulting firm in New York City, and as chairman of the Council of Economic Advisers under President Gerald Ford before being tapped for the Fed job by Ronald Reagan. He was renominated in 2002 by President George W. Bush.
Greenspan said he often worried about his past catching up to him, but quickly learned “in Washington, it’s amazing how easy you can get away with being a clueless buffoon masquerading as an important leader making world-changing decisions.”
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