Das Urteil über Alan Greenspan

Die Veröffentlichung der von einem Ghostwriter verfassten Memoiren Alan Greenspans, The Age of Turbulence , hat Anklagen ausgelöst, er sei gar kein so großartiger Zentralbanker gewesen. Stan Collender vom National Journal sieht bei solchen Angriffen die Hand des Weißen Hauses am Werk: Schließlich geht Greenspan streng mit der Regierung von George W. Bush ins Gericht, und die Glaubwürdigkeit ehemaliger republikanischer politischer Entscheidungsträger, die Bush kritisieren, in Frage zu stellen, ist die übliche Antwort darauf. Aber was soll man von der Kritik an der Amtszeit Greenspans bei der Federal Reserve halten?

Die Anklage umfasst vier Punkte: dass Greenspan zu Unrecht der zunehmenden Verbreitung unüblicher Hypotheken mit variablen Zinsen Beifall gespendet habe, was die Spekulationsblase auf dem Häusermarkt angetrieben hätte, dass er fälschlicherweise Bushs Steuersenkungen befürwortet habe, dass der die Spekulationsblase der 1990er Jahre an den Börsen hätte im Zaum halten müssen, und dass er dasselbe bei der Immobilienblase des laufenden Jahrzehnts hätte tun sollen.

In den ersten beiden Punkten bekennt Greenspan sich heute schuldig. Er habe, so sagt er, nicht erkannt, wie sehr die wachsende Verbreitung unüblicher Hypotheken Darlehensnehmer und Anleger verleitet habe, gefährlich Risiken einzugehen. Er habe sich darauf konzentriert, dass festverzinsliche Hypotheken in Zeiten niedriger Inflation für die Darlehensnehmer ein relativ schlechtes Geschäft seien; dies sei ein Fehler gewesen.

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