A Hard New Look at Greenspan Legacy

In the aftermath of September 11. I was astounded as everyone, endlessly looking at the videos of the jumbo jets collapsing into the WTC, the twin towers crashing down etc …

I was quite petrified. The thing that started to relieve me was a TV show me with a french geopolitics researcher (whose name I can’t recall – sorry – I didn’t have a blog back then to classify all ideas and thinkers). Anyway : he said something in the vincinity of :

What we need at this point is to stop getting emotional with all these images and start to make some sense.

This article from the New York Times is the first I’ve read in the last few weeks providing me with the same sort of relief. Just because it gives some clear explanations together with an historical perspective on the current situation.

I’ve kept hearing for the last 20 years about things such as derivatives, low interest rate strategy, house market inflation etc … without really understanding how these elements are intertwined and how they affect our everyday’s life. All of a sudden they all fit together and start making sense.

Excellent read if, like me, you’re tired of journalists panic and want to understand the situation with a cooler head.