审判格林斯潘

阿兰•格林斯潘由他人捉刀的回忆录《动荡岁月》出版以来,引发了认为他不是一位出色的央行行长的指责。 National Journal 的Stan Collender在这些攻击当中发现了白宫的影子:毕竟格林斯潘是布什政府的严厉批评者,而对一个对布什持批评态度的共和党前政策制定者的公信力发动攻击是不折不扣的报复手段。但对格林斯潘执掌美联储的生涯横加指责又有什么道理呢?

这种指责包括四个要点:格林斯潘错误地鼓励了非标准、可变利率按揭贷款的增长,而这就为房产泡沫推波助澜;他错误地执行了布什的减税政策;他本可以遏制1990年代的股市泡沫;他本可以同样地制止本世纪初的不动产泡沫。

对于前两项罪名,格林斯潘供认不讳。他说他不明白为什么非标准按揭贷款的增长会诱使借款人和投资人不顾风险趋之若鹜。现在他说当时错误地关注了为什么固定利率按揭贷款在低通胀时期对借款人而言是不合理的。

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