Comments on: Who is Raghuram Rajan? http://www.creditwritedowns.com/2009/01/who-is-raghuram-rajan.html Finance, Economics and Markets Thu, 09 Feb 2012 21:54:06 +0000 hourly 1 By: Edward Harrison http://www.creditwritedowns.com/2009/01/who-is-raghuram-rajan.html#comment-2389 Edward Harrison Wed, 07 Jan 2009 05:56:37 +0000 http://www.creditwritedowns.com/?p=3283#comment-2389 Greenspan was not a very good prognosticator in his day as an economist either. He is really more of a politician than economist. Greenspan was not a very good prognosticator in his day as an economist either. He is really more of a politician than economist.

]]> By: mark blyth http://www.creditwritedowns.com/2009/01/who-is-raghuram-rajan.html#comment-2362 mark blyth Wed, 07 Jan 2009 03:25:18 +0000 http://www.creditwritedowns.com/?p=3283#comment-2362 Greenspan's interests? Where to start...How about being a CEA member under Ford and popularizing the nonsense that deficits cause inflation, using this to beat up the democrats, and then presiding after Volker as the Fed chairman who saw deficits triple and inflation fall fourfold from its 1982 high at the same time? Do you think he chalked that up as an error? Greenspan's interests? Where to start…How about being a CEA member under Ford and popularizing the nonsense that deficits cause inflation, using this to beat up the democrats, and then presiding after Volker as the Fed chairman who saw deficits triple and inflation fall fourfold from its 1982 high at the same time? Do you think he chalked that up as an error?

]]> By: John Creighton http://www.creditwritedowns.com/2009/01/who-is-raghuram-rajan.html#comment-2329 John Creighton Tue, 06 Jan 2009 12:52:20 +0000 http://www.creditwritedowns.com/?p=3283#comment-2329 I love the first sentence in his answer "I worked for an association promoting housing, and it was my job to represent their interests. If you look at my actual forecasts, the numbers were right in line with most forecasts. The difference was that I put a positive spin on it." I’m sorry for being cynical but I can’t help but wonder what Greenspans interests were. I love the first sentence in his answer

"I worked for an association promoting housing, and it was my job to represent their interests. If you look at my actual forecasts, the numbers were right in line with most forecasts. The difference was that I put a positive spin on it."

I’m sorry for being cynical but I can’t help but wonder what Greenspans interests were.

]]> By: John Creighton http://www.creditwritedowns.com/2009/01/who-is-raghuram-rajan.html#comment-2297 John Creighton Tue, 06 Jan 2009 09:55:47 +0000 http://www.creditwritedowns.com/?p=3283#comment-2297 Where were the mistakes? Awesome article! Anyway, with regards to Greenspan, perhaps what he says now as former chair of the fed does not necessarily reflect his true beliefs. Greenspan once touted the gold standard as economic freedom: Where were the mistakes? Awesome article! Anyway, with regards to Greenspan, perhaps what he says now as former chair of the fed does not necessarily reflect his true beliefs. Greenspan once touted the gold standard as economic freedom:

]]> By: Edward Harrison http://www.creditwritedowns.com/2009/01/who-is-raghuram-rajan.html#comment-2311 Edward Harrison Tue, 06 Jan 2009 01:57:12 +0000 http://www.creditwritedowns.com/?p=3283#comment-2311 Another case of cognitive regulatory capture? Probably. I would say that Greenspan changed after the 1994 rate hikes and the Treasury and bond market meltdown that resulted. He became a very accommodative Fed chairman and his policy was completely asymmetric. Speaking of cognitive regulatory capture, David Lereah, formerly of the NAR, is now signing a whole different tune about house prices than he was two years ago: <a href="http://money.cnn.com/2009/01/05/real_estate/Lereah.moneymag/index.htm?postversion=2009010510" target="_blank">http://money.cnn.com/2009/01/05/real_estate/Lerea...</a> This sort of thing demonstrates that we can't really trust the analyses of these people. They are clearly not objective. Another case of cognitive regulatory capture? Probably. I would say that Greenspan changed after the 1994 rate hikes and the Treasury and bond market meltdown that resulted. He became a very accommodative Fed chairman and his policy was completely asymmetric.

Speaking of cognitive regulatory capture, David Lereah, formerly of the NAR, is now signing a whole different tune about house prices than he was two years ago:
http://money.cnn.com/2009/01/05/real_estate/Lerea…

This sort of thing demonstrates that we can't really trust the analyses of these people. They are clearly not objective.

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