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Greenspan Admits He "Knew There Was A Bubble" In 2008", But Refuses To Apologize

Tyler Durden's picture


Alan Greenspan is out pitching his news book. We explained the miracle of revisionist history and questioned the sanity of anyone buying this 'guide to economic forecasting' earlier in the week, but in his appearance this morning on CNBC, the "maestro" did a great job explaining just how flawed his own logic was (without our help).

Flip-flopping from some rational efficient market based economic prognostication to the human nature based entirely non-random cyclical and feedback-loop engaging reality, he explains (sadly reflective of the current clairvoyance of Jim Bullard) that, speaking for himself and his FOMC colleagues, "all of us knew there was a bubble," though failing to admit to being the progenitor, "but we badly missed the timing."

Perhaps summing up the mantra of his ilk better than any other sentence, Greenspan concludes, "a bubble in and of itself does not give you a crisis..."adding, during a later Bloomberg TV clip, "I missed certain forecasts, you don’t apologize for that. Do you? I don’t. We are not omniscient. I am a human being."


Perhaps not, but with every muppet leveraged to the tick on the Russell 2000, we suspect he'll reject that thesis once again in the future...

Must watch (brief clip) for insight into just how sociopathic our central bankers have become..



Doing the rounds, Greenspan later dropped this little beauty on Bloomberg TV...



“I am in the business where, Harry Truman once said, ‘If you can’t stand the heat, get out of the kitchen’… I apologize for something I did wrong, and I do apologize. I don’t apologize…I was doing the best I can.


The arguments, some of which are quite accurate is I missed certain forecasts, you don’t apologize for that. Do you? I don’t. We are not omniscient. I am a human being. I cannot see beyond the horizon any more than anyone else can.


Now to apologize for not being Superman, I just refuse to do that because that never entered my mind."


Perhaps some 'honesty' like that during your reign would have helped temper the bubbles you created...


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Wed, 10/23/2013 - 14:13 | 4083431 fonzannoon
fonzannoon's picture

Why does that rotting pumpkin head still get TV time?

Wed, 10/23/2013 - 14:15 | 4083442 Winston Churchill
Winston Churchill's picture

Because of his wife ?

Wed, 10/23/2013 - 14:19 | 4083464 FL_Conservative
FL_Conservative's picture

"Guide to Economic Forecasting?"


I thought it was "Guide to Economic Whorecasting".   I'll pass!  Thanks!!

Wed, 10/23/2013 - 14:28 | 4083524 jbvtme
jbvtme's picture

"i'm just a human being"?  lying fucking lizard

Wed, 10/23/2013 - 14:31 | 4083542 Stackers
Stackers's picture

"a bubble in and of itself does not give you a crisis..."


yeah, and its not the fall that kills you ...................

Wed, 10/23/2013 - 14:42 | 4083597 Pladizow
Pladizow's picture

"I took a shit on you America, and I will not appologize!"

Wed, 10/23/2013 - 14:47 | 4083624 Dareconomics
Dareconomics's picture

Ultimately, his hubris is believing that he could manage the world financial system by manipulating interest rates for two decades without any consequences is what caused the GFC. He may not know who is responsible for the GFC, but history surely will.

Wed, 10/23/2013 - 15:13 | 4083689 TruthInSunshine
TruthInSunshine's picture

We are living in the days of the biggest, multi asset class bubble that anyone under the age of 85 has ever lkved through (only the roaring '20s bubble was comparable & ARGUABLY - though not certainly - bigger).

From equities to bonds to residential real estate & more, central banks around the world have collaborated to implement that failure guaranteed remedy of CTRL+P, and with reckless abandon, to temporarily inflate numbers on ledger sheets the world over.

Now, the real economy is so divorced from the fractional reserve mark-to-electronic-fiat economy, an inevitable & extremely large bust is 100% guaranteed.

As in such times before, the only questions are when the big pop! is heard & what the precise catalyst for the big pop! will be.


"When men are entrusted with the power to control the money supply, they will eventually use that power to confiscate the wealth of their neighbors."

"There is no better illustration of that law than the Crash of 1929 and the lingering depression that followed."

"During the nine years before the crash of 1929, the Federal Reserve was responsible for a massive expansion of the money supply. A primary motive for that policy was to assist the government of Great Britain to pay for its socialist programs which, by then, had drained its treasury."

"By devaluing the dollar and depressing interest rates in America, investors would move their money to England where rates and values were higher. That strategy succeeded in helping Great Britain for a while, but it set in motion the forces that made the stock-market crash inevitable."

Wed, 10/23/2013 - 15:18 | 4083748 smlbizman
smlbizman's picture

give a fulcrum and i will move thee earth....give me free money to leverage and ill get that bitch as high as you want...

and not to nick pick truth, but i think it is cuntrl+p, now

Wed, 10/23/2013 - 15:37 | 4083813 King_of_simpletons
King_of_simpletons's picture

The whole bunch in the Federal Reserve Board know we are screwed. If they come out and admit they were wrong for 6 years, their "fake credibility" ie the credibility which they think they have (the whole world is laughing at us, BTW), will be gone and none of their policy measures will bear any fruit (in their minds, ofcourse).

Wed, 10/23/2013 - 15:38 | 4083819 MagicHandPuppet
MagicHandPuppet's picture

If there was an ounce of ethical decency in this man, he would have been the guy that lit himself on fire in D.C.

Wed, 10/23/2013 - 16:45 | 4084065 Anusocracy
Anusocracy's picture

Don't let him die a natural death.

Thu, 10/24/2013 - 00:58 | 4085186 Harlequin001
Harlequin001's picture

Nonetheless Superman is precisely what central bankers profess to be... is it not?

Perhaps he should just apologise for deliberately misleading everyone into believeing that he actually knew what he was doing. And so should Bernanke and Yellen.

Wed, 10/23/2013 - 15:50 | 4083878 Ghordius
Ghordius's picture

TIS, +1. a small thing "A primary motive for that policy was to assist the government of Great Britain to pay for its socialist programs which, by then, had drained its treasury."

a conservative & biased source? The biggest help all of Europe needed was how to pay for all the lent American war material that gave victory to Britain & France. The British Treasury was primarily paying back for the Great War

methinks the author of the source mistakes the British WWI and the WWII post-war situations. most "socialist" welfare started 1946/48, also "thanks" to Bretton Woods

Wed, 10/23/2013 - 20:16 | 4084644 StychoKiller
StychoKiller's picture

Broke from buying scones, or from buying crumpets, either way you're broke!

Wed, 10/23/2013 - 14:46 | 4083621 bubblemania
bubblemania's picture

You have to give him credit for the CNBC interview, he's totally correct in saying that bursting bubbles without leverage have minimal impact on GDP and Main Street. Investors risking their money, not someone elses, is what made this country work. It's the leverage that brings down the whole system - greed - and all the other nasties that go along with it. That fuckwad Bullard knows we have a leveraged bubble that's why they won't taper. They are hoping the market will reign itself in first, hence the back and forth jawboning. This will end badly, but I don't think anytime soon.

Wed, 10/23/2013 - 15:04 | 4083654 SDShack
SDShack's picture

I up arrowed you for you are correct as far as you went. But the fact is that any Fed Chairman had to know of the insane 40x leveraging that was going on in a huge number of markets, especially the securitization of the mortgage market, and did nothing to curb that other than mouth something about "irrational exhuberance." That makes Greenspan completely complicit in this engineered collapse.

Wed, 10/23/2013 - 15:05 | 4083696 fourchan
fourchan's picture

unless he didnt know what the system he was in charge of is designed to do.

enslave a country of free peoples to debt created from thin air and capture all assets through boom and bust cycles the system creates.


one day someone will call the fed res system treason for stealing america.

Wed, 10/23/2013 - 15:32 | 4083779 SDShack
SDShack's picture

Oh he knew. Every banker fits that mold. The proof was how they conspired to repeal Glass-Steagall. The mea culpa he is trying to foster is because signicant minorities of the masses are waking up to the outright debt slavery bankers wrought. The bankers are getting nervous for very good reasons. Sociopaths only fear one thing... their loss of everything. That is why they are on a never ending quest to accumulate more power. Their fear feeds their perception that enough is never enough. They view the masses both as slaves, and threats. They only survive with docile masses. The guillotine theory is what they fear most. That's why they are investing in the NSA, IRS, and DHS. The masses must be controlled for the debt slavery ponzi wealth redistrubtion scheme to work.

Wed, 10/23/2013 - 20:12 | 4084639 fourchan
fourchan's picture

americans need a final solution for the banking system problem.

Wed, 10/23/2013 - 15:23 | 4083760 putaipan
putaipan's picture

why does the line "but we badly missed the timing." make me think he only means by a couple of months... and that if their timing had been better we'd already have been living under paulson/biden matrtial law for six years instead of this piss poor limbo shit we've got.

Wed, 10/23/2013 - 14:20 | 4083479 redpill
redpill's picture

"I cannot see beyond the horizon any more than anyone else can."

Wed, 10/23/2013 - 14:24 | 4083501 bnbdnb
bnbdnb's picture

Wish in one, shit in the other.

Wed, 10/23/2013 - 15:08 | 4083708 Dubaibanker
Dubaibanker's picture

That video is simply jaw dropping. Thanks.

Greenspan should simply start going to Grade 1 classes and start his life all over again! :) 

Wed, 10/23/2013 - 14:22 | 4083483 SafelyGraze
SafelyGraze's picture

when a child knocks over a glass, he says "the milk just spilled"

when a child steps on a toy, he says "it just broke"

when a child crushes the pet turtle, he says "it just died"

it requires a certain maturity/humility/honesty to admit that one's personal agency can produce adverse outcomes


Wed, 10/23/2013 - 14:25 | 4083509 texas sandman
texas sandman's picture

"I am a human being"


As a member of the human race, I am offended by that remark.

Wed, 10/23/2013 - 14:31 | 4083539 DeadFred
DeadFred's picture

Do reptilian symbionts claim to be human? Now we know the answer.

Wed, 10/23/2013 - 16:42 | 4084047 Anusocracy
Anusocracy's picture

"We are not omniscient. I am a human being. I cannot see beyond the horizon any more than anyone else can."

If that's his way of admitting that the Fed Chairman's guesses are no better than anyone else's, then maybe the selection of the Chairman should be done by lottery.

Or maybe a dart throwing monkey as Fed Chairman. Have they done that yet?

Wed, 10/23/2013 - 14:19 | 4083443 Say What Again
Say What Again's picture

AG is so full of shit!

He stopped all the regulators from doing their job. He crushed Brooksley Born for doing her job, and then called her incompetent!

He was blowing the biggest bubble in history and did NOT know what he was doing.  Now he wants to re-write history.

Wed, 10/23/2013 - 14:23 | 4083496 Bay of Pigs
Bay of Pigs's picture

He is a rotten turncoat son of a bitch. Goldbug and Libertarian?

Yeah right. Not a fuckan chance.

Wed, 10/23/2013 - 14:29 | 4083528 NotApplicable
NotApplicable's picture

Oh, he absolutely knew what he was doing. Him and Rubin, both.

To claim that they're incompetent is to provide them the cover that he "wasn't Superman."

Wed, 10/23/2013 - 14:38 | 4083580 Tsunami Wave
Tsunami Wave's picture

I heard him on bloomberg surveillance this morning and Tom Keene was asking the guy why didn't you raise margin requirements and capital requirements before the dot com bubble... And the guy was just too full of bullshit. He said basically after a whole load of hot air that they weren't necessary... Especially since interest rates remained consistent (aka... LOW).... I had to turn it off after that

Wed, 10/23/2013 - 15:49 | 4083874 Kirk2NCC1701
Kirk2NCC1701's picture

Not to worry... his wife - ANDREA MITCHELL @ CNN -- will help rewrite it.

Wolf Blitzer & Friends will do their part.

Wed, 10/23/2013 - 14:15 | 4083444 slotmouth
slotmouth's picture

Because he is in the club and you aren't.

Wed, 10/23/2013 - 14:17 | 4083455 Divided States ...
Divided States of America's picture

well u would know which channel to turn to if you want commentary from slimeballs. But get used to it, the past 30 years of zionist controlled fed wont change much when rotting pumpkin's student goes back to Princeton and J-bitch takes over.

Wed, 10/23/2013 - 14:19 | 4083469 Pooper Popper
Pooper Popper's picture

greenspan you are a inhuman piece of are a greeeeeaaaaasssy spot that should have been rubbed out a long time ago!

Wed, 10/23/2013 - 14:20 | 4083474 HedgeAccordingly
HedgeAccordingly's picture

seems his bloomberg interview was a bit better - 

Wed, 10/23/2013 - 14:33 | 4083555 spekulatn
spekulatn's picture

DR. Burry's Op-Ed in the NYT never gets old.


Wed, 10/23/2013 - 14:20 | 4083477 yrad
yrad's picture

He could "forecast" his own jail time better than a housing bubble...

Wed, 10/23/2013 - 15:16 | 4083742 masterinchancery
masterinchancery's picture

I vote for termination with extreme prejudice of this lying dweeb.

Wed, 10/23/2013 - 14:14 | 4083434 Jumbotron
Jumbotron's picture

Just die already, Ayn Rand cunt licker.

Wed, 10/23/2013 - 14:14 | 4083436 jubber
jubber's picture

Surely he could spend the rest of his days in Prison, and any royalties from this fairytale given to the Country

Wed, 10/23/2013 - 14:30 | 4083513 Urban Redneck
Urban Redneck's picture

He could... but that would probably require a government employee to go online and search cspan or youtube for some video of him testifying to congress where he might have said under oath "he didn't see it coming..." and all that effort w/o getting sidetracked in the interim by the taxpayer funded porn on his other computer monitor... too much to hope for from a .gov

Wed, 10/23/2013 - 14:45 | 4083612 NotApplicable
NotApplicable's picture

Actually, no they can't. Greenspin was (and Bernanke is) on the board of the BIS, and thus is immune from prosecution from any legal body on the planet.

Wed, 10/23/2013 - 15:14 | 4083735 Urban Redneck
Urban Redneck's picture

They weren't testifying before the US Congress as function of their BIS duty... perhaps the US stupidly signed away the right the prosecute in some treaty annex, but at least in Switzerland lying under oath certainly a punishable offense (just not one the offenses that they actually jail bankers for)

Wed, 10/23/2013 - 14:14 | 4083437 El Vaquero
El Vaquero's picture

Alan, you look like you are already rotting.  Something tells me that you smell like a cabbage that has been sitting on the counter for a couple of weeks. 

Wed, 10/23/2013 - 14:14 | 4083438 ejmoosa
ejmoosa's picture

No, he was doing the best his ego allowed him to do.


One should ALWAYS listen to opposing views, to at least see if they merit consideration.

Those that do not are fools.

Wed, 10/23/2013 - 14:14 | 4083440 Iwanttoknow
Iwanttoknow's picture

Geenshit,fuck off.

Wed, 10/23/2013 - 14:15 | 4083441 ghostfaceinvestah
ghostfaceinvestah's picture

He should just shut up, nothing he says now will restore his image.  His reputation is shot.

Wed, 10/23/2013 - 14:18 | 4083462 earnyermoney
earnyermoney's picture

I wish he'd reach room temperature.

Wed, 10/23/2013 - 20:26 | 4084663 Jumbotron
Jumbotron's picture

I wish he would reach the boiling point of human fat tissue so I'd know he was in hell.

Wed, 10/23/2013 - 14:15 | 4083445 HUGE_Gamma
HUGE_Gamma's picture

Someone needs a diaper change

Wed, 10/23/2013 - 14:17 | 4083456 superflex
superflex's picture

Must watch (brief clip) for insight into just how sociopathic our central zionist bankers have become.

Fixed that for you, Tylers.

Wed, 10/23/2013 - 14:20 | 4083467 Mad Mohel
Mad Mohel's picture

Why should he apologize, he is just a humble person doing G-d's work? You goy are an ungrateful assortment of pricks.

Wed, 10/23/2013 - 14:19 | 4083470 Tinky
Tinky's picture

Greenspan and Kissinger should get together for a "no reason to apologize" dinner.

Wed, 10/23/2013 - 19:11 | 4084490 Poor Grogman
Poor Grogman's picture

That would be funny they could both mumble and make guttural utterances to one another about their own experiences "managing" global goings on.

It would be even funnier if Ananonymouse showed up and joined in the conversation.

I would pay to see that.

Wed, 10/23/2013 - 14:20 | 4083471 I am a Man I am...
I am a Man I am Forty's picture

just another fuck up that's in the club that is never seriously challenged by any talking head

Wed, 10/23/2013 - 14:20 | 4083473 stinkhammer
stinkhammer's picture

  garbled mouth ass clown   what a freak   Andrea hasn't been laid in years; but we're all fucked by mr poopy depends, then benny bucks now yellen the felon      end the fed with prejudice

Wed, 10/23/2013 - 14:20 | 4083475 ToNYC
ToNYC's picture

Greenspan's MAP didn't show the yellow brick roads were paved with free credit that expired before the TERRITORY did.

Wed, 10/23/2013 - 14:24 | 4083492 TrumpXVI
TrumpXVI's picture

"Ja, vee knew zer vaz ein Bubble, but vat could vee do?  Vee ver under Orders, und vee ver in zee Bunker.  It vaz dat Volker, ja, ja, dat vaz it!  He vuz CRAZY!"

Wed, 10/23/2013 - 14:23 | 4083494 bnbdnb
bnbdnb's picture

They don't know what they are doing. Never did.

Wed, 10/23/2013 - 14:23 | 4083495 moonman
moonman's picture

He also said that "many people feel that since they paid into Social Security their whole lives that this is not a benefit (welfare) program. This could not be more wrong, the Social Security trust fund is underfunded so it is in fact a subsidized retirement by the government"


Ummm who stole the money out of the trust again you fucking fossil?

Wed, 10/23/2013 - 14:25 | 4083508 bnbdnb
bnbdnb's picture

Everyone who is taking it and not giving it their children and grandchildren.

Wed, 10/23/2013 - 14:43 | 4083604 NOTaREALmerican
NOTaREALmerican's picture

Re:  Everyone who is taking it and not giving it their children and grandchildren.

Get your socialist redistribution ideas off my government motorscooter.  I'm ENTITLED to that scooter, I paid for it already!

Wed, 10/23/2013 - 14:25 | 4083506 withglee
withglee's picture

"I missed certain forecasts, you don’t apologize for that. Do you? I don’t. We are not omniscient. I am a human being."

That is an insult to human beings. To manage any medium of exchange properly, which means money is in free supply; supply of money is always exactly equal to demand; inflation is zero at all times everywhere; and responsible traders enjoy zero interest ... to do this is really pretty trivial. That it is not being done, and never has been done, just reveals the conspiracy. They're incompetent "on purpose" and it's not a coincidence that their failures "feather their nests". It's their farming operation in full swing.

Todd Marshall
Plantersville, TX

Wed, 10/23/2013 - 14:26 | 4083510 Ignatius
Ignatius's picture

"I am a human being."  -- Greenspittle

Prove it.

Wed, 10/23/2013 - 14:27 | 4083514 hangemhigh77
hangemhigh77's picture

Spmebody put this fucker out of our misery and shoot him in his soft head.

Wed, 10/23/2013 - 14:28 | 4083521 vincent
vincent's picture

"Mathmatically, it's over"

       ............ Eric Sprott

Wed, 10/23/2013 - 14:29 | 4083522 chunga
chunga's picture

A Bubble is Born

Alan Greenspan – Testimony before House Committee on Oversight and Government Reform - 2008

“In an echo of the Watergate hearings 35 years ago, Mr. Greenspan was asked when he knew there was a housing bubble and when he told the public about it. He answered that he never anticipated home prices could fall so much. "I did not forecast a significant decline because we had never had a significant decline in prices," he said.”

"I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms,"

    Given the capacious scope and immense size of the mortgage meltdown and the subsequent foreclosure fiasco, it is very difficult and unfair to lay blame on any one person or policy. However, it remains worthy of note that as Chairman of the Federal Reserve at the time; his opinion certainly held responsibility, influence, and most importantly significant authority.

     For decades, Mr. Greenspan persistently implored that the “Too Big To Fail™” financial leviathans that now stride the earth are best left to their own devices, are most appropriately suited to regulate themselves, and furthermore, any regulatory intervention would only fetter the ingenuity of America’s best and brightest financial innovators.

    Dubbed “The Maestro” by author Bob Woodward in his best-selling book bearing the same name, it would seem financial markets unrestrainedly undulated on his every remark. As a primary cheerleader-in-chief for market self-regulation; this partial admission that he was mistaken was a spectacular backflip. While a “shocked” Greenspan was being grilled by the “hostile” Oversight and Government Reform Committee, we are obligated to wonder what these suddenly hostile yet spur of the moment reformers were themselves doing in the years leading up to the epic 2007 collapse.

     Likewise, if market control were not left in its own hands, who would do this regulating and would whoever that is have performed any better?

     Without doubt, we are not lacking for government agencies and departments; we have the DOJ, the SEC, OCC, CFTC, FINRA, OTS, etc., not to mention the legions of committees and panels in existence both past and present. An argument can easily be made that, in reality, they exist in a state of over-abundance.

    So whether or not Greenspan’s “hands off” policy is what triggered the Financial Arms Race to introduce the most “innovative” yet terribly toxic investment “products” that have been carpet-bombing our cities and states for years with all the precision of a non-stop volley of SCUD missiles is difficult to say.

     The following is a concept I’ll take the liberty of sharing, presented by a friend of mine who happens to be rather adept at aggregating very large amounts of data. I’ll readily accept his figures to be at least equal in accuracy when compared to “official” projections that are repeatedly revised, upward or downward, in accord with political and economic subjective expediency.

    Since the banking and financial industry has frequently touted their innovations as “products”, let’s look at them in the context of product liability. Allow me to name just a few of them: “Option ARMS”, “Collateralized Mortgage Obligations”, “Credit Default Derivatives”, “Mezzanine Tranches”, “Asset Backed Securities”, "Pay-Option Adjustable Rate Mortgages" “Cancelable Default Swaps”, “Negative Amortization Loan”, “MERS”, “Leveraged Default Swaps”. It is somewhat unsettling that, apparently, it is entirely appropriate to affix the term “synthetic” to virtually any of these products.

     Moving on to product liability…the government has projected that homeownership will fall from roughly 60% to 40% in the coming years. As been their habit, this estimate is probably low and the staggering 20% drop will more than likely require revision (upward).

     But we know approximately 1/3rd of the people have no mortgage; so when we multiply 2/3rds (the number of people with mortgages) by 1/5th (the number of people projected to lose their homes) we get 2/5ths or 40%. It’s fairly safe to say nearly half of these “products” will result in foreclosure.

     The banks have repeatedly referred to their financial junk as “products”. They have used the term again and again; they were “innovating” new financial “products”. So the banks “products” failed about half the time; an astonishing rate. Imagine any other product that failed half the time resulting in massive damages. Lawyers would be lined up for blocks suing on theories of product liability.

     It would be as if a car company released and financed a car that blew up half the time…then said that all the people whose car blew up – half of them – used it incorrectly and should be forced to pay for the financing. The banks have created a defective albeit miraculously profitable array of products then managed to blame the people it injured.

     All the agencies mentioned above have adopted with gritty determination a strict and steadfast, national “Don’t ask, don’t tell” policy as it relates to the rampant criminal fraud that permeates every vein of the entire mortgage meltdown. Let’s not stop there; so have most state Attorneys General and many if not most of our courts.

So fuck you Greenspan. Fuck you!



Wed, 10/23/2013 - 14:38 | 4083579 NOTaREALmerican
NOTaREALmerican's picture

Re:  As a primary cheerleader-in-chief for market self-regulation; this partial admission that he was mistaken was a spectacular backflip.

A show of hands of how many OldFarts (and near OldFarts) used to have "Conservative" and Libertarians orgasms when the Maestro was spewing his "free-enterprise" bullshit. 

Come on, be honest....

Wed, 10/23/2013 - 14:45 | 4083616 chunga
chunga's picture

I hear ya...and raise my hand.

What a fucked up world. FWIW...I am now politcally agnostic and don't believe anything any of them say.

Wed, 10/23/2013 - 14:42 | 4083599 jcaz
jcaz's picture

Absolutely- he reveled in his "rock star" status, and never missed a chance to tweek rates.  His micro-mangement of interest rates- up and down- is exactly what created the bubbles, because he telegraphed the markets, and the markets knew how to move against him for advantage-

In the end, he's claiming to be what he started out as-  a $77,500/yr bureaucrat who couldn't make a decision without some bullshit academic model telling him what to do next....  Now he wants to cash in on a book about it?

Go fuck yourself, Al-  you're just fine, living on your G nut.......

Wed, 10/23/2013 - 14:29 | 4083525 SmittyinLA
SmittyinLA's picture

He shouldn't apologize, he warned everybody implicity and explicitly every single year in his annual "State of the Economy" speeches, you can even go to Cspan and watch them.  (search Alan Greenspan Nov 2005-and every year after)

The FED is a mitigation entity, a salvage operation, they have no control over the shitstorm Congress dumps on their head.

Wed, 10/23/2013 - 14:30 | 4083535 hangemhigh77
hangemhigh77's picture

You are a REEEEEEEEEEEEEEEEEEEEEETARD.  Get off ZH you're a troll, a bankster or a stupid cop.

Wed, 10/23/2013 - 14:44 | 4083606 Tsunami Wave
Tsunami Wave's picture

Why did he lobby hard along with Rubin and Larry Sunmers for the CFTC futures modernization act, Gramm-leech--bliley act, shutting out brooksley borne, and keep interest rates low during oh I don't know... The whole housing "boom" in the 2000s?

Wed, 10/23/2013 - 15:06 | 4083695 Clowns on Acid
Clowns on Acid's picture

C'mon Smitty ... take off the blinders.

Wed, 10/23/2013 - 14:29 | 4083526 hangemhigh77
hangemhigh77's picture

I wouldn't buy his book for a nickle if it was made out of gold.  he is a PIECE OF SHIT.

Wed, 10/23/2013 - 14:29 | 4083527 spekulatn
spekulatn's picture

It must be apology day for the elites and their mouthpieces.

Wed, 10/23/2013 - 14:29 | 4083529 Bam_Man
Bam_Man's picture

Narcissistic sociopaths NEVER apologize for ANYTHING!

Wed, 10/23/2013 - 14:32 | 4083546 hangemhigh77
hangemhigh77's picture

That's right.  Just like Bush saying, "did I do that" about killing MILLIONS.  HANG THEM ALL

Wed, 10/23/2013 - 14:34 | 4083551 centerline
centerline's picture

This is a calculated maneuver.  Is all about perception, deflecting the ultimate blow when the SHTF.

Wed, 10/23/2013 - 14:30 | 4083533 Bay of Pigs
Bay of Pigs's picture

"all of us knew there was a bubble,"

Even Janet Yellen?

Wed, 10/23/2013 - 14:31 | 4083543 Salt
Salt's picture

"Hey, Rocky. Watch me pull a rabbit out of my hat." - Bullwinkle

Wed, 10/23/2013 - 14:32 | 4083545 NOTaREALmerican
NOTaREALmerican's picture

U.S. economist Michael Hudson once fired Alan Greenspan, in 1966, 21 years before he became chairman of the U.S. Federal Reserve; "he was known as a hack that always gave ... his clients what they wanted instead of something actual".[14] In 1977, Greenspan obtained a PhD degree in economics from New York University. His dissertation is not available from the university[15] since it was removed at Greenspan's request in 1987, when he became Chairman of the Federal Reserve Board. However, in April 2008, Barron's obtained a copy, and notes that it includes "a discussion of soaring housing prices and their effect on consumer spending; it even anticipates a bursting housing bubble".[16]

So, this guy is:

1) Part of the leadership of a conspiracy that controls the world's markets?
2) Just another sociopath in a long line of sociopaths leading to DC?

Wed, 10/23/2013 - 14:43 | 4083607 Clowns on Acid
Clowns on Acid's picture


Wed, 10/23/2013 - 14:33 | 4083552 KenShabby
KenShabby's picture

But but but...

Wed, 10/23/2013 - 14:34 | 4083562 Life of Illusion
Wed, 10/23/2013 - 14:36 | 4083568 Surging Chaos
Surging Chaos's picture

CNBC interviewer: "Are US Treasuries safe to invest in?"

Alan Greenspan: "Very much so. This is not an issue of credit rating. The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default."

Greenspan said that right after treasuries got downgraded to AA+ in 2011. Yeah... you figure it out from there.

Wed, 10/23/2013 - 14:36 | 4083574 Financial Cold ...
Financial Cold Fusion's picture

Sorry to drag this where it needs to go, but I will go out for Indian food before visiting his grave....

Wed, 10/23/2013 - 14:37 | 4083575 Joebloinvestor
Joebloinvestor's picture

Now he decides to write stuff people can understand?


Must really be trying to salvage a legacy.

Wed, 10/23/2013 - 14:41 | 4083584 Kirk2NCC1701
Kirk2NCC1701's picture

This is easily solved:  There are no remorseless despots "doing a Mussolini"*.

* Hanging upside down until death ~ 1/2 hr later, after Due Process (Tried, found Guilty and Convicted in an open-air court of their countrymen).

Wed, 10/23/2013 - 15:00 | 4083588 Mercury
Mercury's picture

During the actual broadcast I believe he claimed that the whole mortgage bubble thing caught him unawares (this seems to be absent on the CNBC video archive).


C’mon Alan, Fannie & Freddie, your neighbors down the street. Ring a bell?



Wed, 10/23/2013 - 14:41 | 4083593 sangell
sangell's picture

This guy and Bernanke need to be given the Mike Tyson treatment. "Everybody has a plan till they get punched in the face"

Wed, 10/23/2013 - 14:44 | 4083596 ebworthen
ebworthen's picture

Alan fucking Greedspun.

This is exactly the kind of fool we pay for to fuck us over.

I will never forget that academic paper-pushing waste of space ramping up rates 2004-2006 after they told everyone to go buy a house and take out a home equity loan to "help out America" after 9/11.

I took out a home equity loan to keep the house for the kids and pay off the Ex-Wife; and every month the amount I had to pay went up and up and up - and straight to LIBOR rigging banks on Wall Street (and of course no one is is jail for it).

Then I re-finance to a fixed rate and the fuckers crash the entire economy.  Again, no one in jail.

Job gone, house gone, Greenspan not in an orange jump suit or hanging from a tree.  Fucking figures.

The U.S. is a big fat LIE wrapped in the flag and a corporate burger wrapper.

I've been fried, salt shaken into my eyes, and put in a box.

God-damned Satan worshippers are in charge.

Alan Greenspan, OMFG.


Wed, 10/23/2013 - 15:38 | 4083816 Citxmech
Citxmech's picture

Back before I knew anything about economics, I remember driving home from work one night listening to that cocksucker babble on some radio show about how everyone with fixed-rate mortgages should refinance to A.R.M.s and, even then, I was like:  "WTF?"  It just made no goddamned sense.  

Wed, 10/23/2013 - 14:44 | 4083609 ziggy59
ziggy59's picture

Al, you naming your new autobiography, 'Mr. Magoo Gets A Conscience and Other FairyTales'?

Maybe youre trying to save whatever shitty legacy you think you built, but hopefully you will rot in Hell, along with your past, present, and future Gang of Thieves

Wed, 10/23/2013 - 14:44 | 4083611 Atomizer
Atomizer's picture

Alan, how many of your books do you need to burn before you can create an asset bubble?

Greenspan – Burn the Homes Down = Low Cost Strategy

Wed, 10/23/2013 - 14:48 | 4083620 Yen Cross
Yen Cross's picture

    I wonder if NASA subcontracts Greenspans ears out as deep space listening posts?  His ears are even bigger than Obozos. When they lie their ears grow instead of their noses.

Wed, 10/23/2013 - 14:47 | 4083622 lasvegaspersona
lasvegaspersona's picture

If Alan really wanted to make things right he'd publically state his opinion on physical gold.

Wed, 10/23/2013 - 16:43 | 4084056 RaceToTheBottom
RaceToTheBottom's picture

You are correct.  His Pinocchio behavior can be traced back to that paper.

Wed, 10/23/2013 - 14:48 | 4083625 QQQBall
QQQBall's picture

and who continued to cut rates and increase leverage?  You fucking moron - many people saw it coming.

Wed, 10/23/2013 - 14:51 | 4083635 Son of Captain Nemo
Son of Captain Nemo's picture

And just what would you expect from a guy who said to G.W. in early 2003 when he was then Fed Chairman "Give me another War" right before the 2003 invasion of Iraq?...


Wed, 10/23/2013 - 14:54 | 4083638 koncaswatch
koncaswatch's picture

As other thread commetors have noted, I find Mr. Greenspan's behavior duplicitous at the least. What I want to know is: How can the FED Chairman/Chairwoman continue to focus attention on a GDP that is based on "cooked" metrics? END THE FED

Wed, 10/23/2013 - 14:53 | 4083641 QQQBall
QQQBall's picture

The biggest bubble of all is Sir Alan's EGO. Started to believe his own bullshit... Like a rogue trader that keeps doubling down. The only strategy Greasepan had was to lower rates and inject liquidity. 


2008 sucked, but foe people w/o debt and solid businesses it was not EOTW; in fact for people with cash and the ability to borrow the lower prices were a good thing. The qurestion that needs to be asked of Greasepan and FEDheads is how long to they plan to fuck the prudent and savers? 

Wed, 10/23/2013 - 14:55 | 4083649 NOTaREALmerican
NOTaREALmerican's picture

Re:  long to they plan to fuck the prudent and savers? 

Until their loot is gone?  

Wed, 10/23/2013 - 14:54 | 4083646 kchrisc
kchrisc's picture

The only question about Greenspan is if he will live long enough to face the guillotine he sold terribly deserves.

Wed, 10/23/2013 - 14:56 | 4083656 NOTaREALmerican
NOTaREALmerican's picture

Re: face the guillotine

The Righteous Sword of Libertarian Justice is a myth.   The asshole always win.   Sorry.

Wed, 10/23/2013 - 14:55 | 4083650 Diplodicus Rex
Diplodicus Rex's picture

The spinmeister is on Pravda's Radio4 tonight at 21.30

This should be fun.

Wed, 10/23/2013 - 14:56 | 4083652 MedicalQuack
MedicalQuack's picture

Greenspan was the biggest duped persona in American History...Bob Rubin had his number dialed in as well as duping Summers...I just added "The Warning" to the Algo duping page that tells the story..math models no matter what they said created by Goldman just sucked him in.  You should see the Daily show interview of Greenspan...even better!

By the way, trailer for new Vpro documenatary if you have not see it yet...The Code of Wall Street...looks good and these are the same folks who did the Quants of Wall Street...good stuff and at levels where the layman can get something out of it too..

Wed, 10/23/2013 - 14:56 | 4083655 GrinandBearit
GrinandBearit's picture

He ought to catch up with the way he looks and die already.


Wed, 10/23/2013 - 14:57 | 4083658 BrigstockBoy
BrigstockBoy's picture

"After all, the simple Keynesian story is one in which interest rates are independent of the level of employment and output. But in reality the Federal Reserve Board actively manages interest rates, pushing them down when it thinks employment is too low and raising them when it thinks the economy is overheating. You may quarrel with the Fed chairman's judgment--you may think that he should keep the economy on a looser rein--but you can hardly dispute his power. Indeed, if you want a simple model for predicting the unemployment rate in the United States over the next few years, here it is: It will be what Greenspan wants it to be, plus or minus a random error reflecting the fact that he is not quite God."

- Paul Krugman (2/6/97, Slate)


Wed, 10/23/2013 - 14:59 | 4083665 Seasmoke
Seasmoke's picture

This Tribesman should be hanged right on the spot for Treason.

Wed, 10/23/2013 - 15:05 | 4083693 Seal
Seal's picture

PLUS Greenscum taught GW Bush how to loot the SSTF to pay for the Eye-Rack War and to sell US gold as 'gold compounds'

Wed, 10/23/2013 - 16:15 | 4083958 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Sorry pal but Clinton and Gingrich cleaned out what was left when ran them "balanced' budgets under Clinton well before Shrub was given the keys to the car.

Wed, 10/23/2013 - 15:23 | 4083762 SMG
SMG's picture

Except he's not Jewish but Luciferian.  But yes hanging for treason would be a good start.  Although I'd give him a chance to rat out his bosses.

Wed, 10/23/2013 - 15:02 | 4083680 Seal
Seal's picture

lest we forget - from 2004



Saint Alan?

WHAT DO YOU CALL A FIRE DEPARTMENT that concentrates not on putting out the fire, but on cleaning up afterward? Different, if you're polite. Insane, if you're us. For Mr. Greenspan, in the course of delivering a glowing tribute to himself before a meeting of the American Economic Association, proudly enunciated the monetary equivalent of that aberrant fire-fighting technique. More specifically, he trumpeted the great virtue of passively watching a stock bubble grow bigger and bigger and bigger until it bursts - but making sure you have enough palliatives on hand to ease the pain.

Wed, 10/23/2013 - 15:11 | 4083720 orez65
orez65's picture

"... I cannot see beyond the horizon any more than anyone else can."

Then why the fuck did you write a "Guide to Economic Forecasting"

Fucking unbelievable, what a shit head"

Wed, 10/23/2013 - 15:15 | 4083738 Pumpkin
Pumpkin's picture

Criminal genius under cover of incompetence and people are looking for an apology?  We must be even dumber than he thought.

Wed, 10/23/2013 - 15:16 | 4083743 Clowns on Acid
Clowns on Acid's picture

Some time ago I suggested that the "CYA" tour would begin.... we have had Weill, Rubin, Paulsen, ... and now Greenspan ( he only caught onto this CYA scheme late) do the TeeVee circuit to cover their asses in regard to the masses, with gentle interviews by the Lame Stream, C list actors mascarading as news journalists.

The aforementioned malcontents must know it is getting close to the boiling point. They just want to emphasize "It wasn't their fault".... and point to their latest "interviews" as proof and an offical record of their innocence.

In the meanwhile they will hope and encourage the mayhem brought by the Obama Admin., so that they hopefully get lost in the shuffle and slink away quietly to their bunkers, while looking over their shoulder.

Wed, 10/23/2013 - 15:20 | 4083751 Random_Robert
Random_Robert's picture

It's the suit and tie...  That seems to be the uniform of the Sociopath.


Wed, 10/23/2013 - 15:30 | 4083783 samsara
samsara's picture

I will be waiting for CNN's Crack Hard News Reporter  Andrea Mitchell (coincidentally who is Alan Greenspan's Wife)  to dig into the dirt and find out What did Alan Know and When did he Know it?   


Fair and Balanced  with all the news you are allowed to know with the slant that you are programmed to take.

Wed, 10/23/2013 - 15:29 | 4083791 Seal
Seal's picture

this idiot has been to old for office since he turned 70 in 1996 - the start of the real problems. My guess is he had a quiet health problem that basically left him mentally incapacitated. 

Look at what age has done to Feinstein!

Wed, 10/23/2013 - 15:51 | 4083883 wcvarones
wcvarones's picture

Is that sick son of a bitch at least going to apologize for the Body Count?

Wed, 10/23/2013 - 16:17 | 4083961 Jack Burton
Jack Burton's picture

He is a liar and a greed monger. He serves a certain interest group. That group has been a huge "winner" in this 2008 bubble busting collapse. His interest group has seen enormous income gains since the crisis, the stock market has boomed as the real economy declines, the people Greenspan served as Fed Chairmen has been well served by his tenure as Fed Chairman. He did his job, he fed untold wealth to a tiny financial minority. And NO I am not talking about job creators in industry and technology. No, I am talking about the skimming class, the banking class, the hedge funders and inside traders on Wall-Street. Glodman Sachs is the poster child for the interest groups I speak of, the people Greenspan served. It is not hard to figure out. This man, Greenspan. is a class warrior. He fights the good fight for a financial elite on the street and at the banks. As for real job creators, like small enterpises and main street businesses. I would like to see how the Fed under Greenspan served the interests of the real job creators.

I refuse to accept the idea the the present American financial elites are job creators. You are thinking of the street 50 years ago, when price discovery and allocation of capital to job creating business and industry was what took place on the street. Those days are over. Main Street is being sucked dry, giant corporations are crushing small business like bugs. Greenspans legacy is the legacy of a Class War that was won in the 2000's with the complete destruction of labor and small business both. The winners are in the board room at Goldman, JPM and at the Hedge funds across the financial districts of New York and London.

Greenspan was the commander in cheif of the Financial Class Warrior Army. Face it, they won the war. Look at the average American, his work and his small businesses and tell me they were not defeated by the Financial Classes. And Government stepped in on the side of the Fed and the Bankers. They provided the power needed for Greenspan to cush main street.

Wed, 10/23/2013 - 16:26 | 4083974 Dr. Acula
Dr. Acula's picture

"I cannot see beyond the horizon any more than anyone else can. "

It's easy to be myopic when it's only other people suffering from your poor decisions.


Wed, 10/23/2013 - 16:25 | 4083983 Teddy Tenpole
Teddy Tenpole's picture




He doesn't care because he is crook, a rat.  It's all theft, he knows that.  Sociopaths don't care about the victims so he feels nothing.  The problem is that the banking industry now has another management layer of 'secondary sociopaths'.

These are people who are now emulating the true rats as they see it as the way to get ahesd in those mafias.  I digress...

Rot is hell Greenspan you CUNT JOO BANKER!!!

Wed, 10/23/2013 - 16:53 | 4083999 RaceToTheBottom
RaceToTheBottom's picture

That guy has talked out of both sides of his mouth so much, even he doesn't know what he believed. 

I think it is extremely humorous that at one time he was a stalwart Libertarian and responsible for his word.  Now he is the opposite.

I used to want him to shuffle in front of a speeding bus, but I think now he should meet one of the public he has mistreated, who cannot take it any more.


Wed, 10/23/2013 - 16:37 | 4084027 Radical Marijuana
Radical Marijuana's picture

Greenspan took over the symbolic role of operating and justifying the greatest single achievement of organized crime taking control of government, the Federal Reserve Board, WHICH REPRESENTS THE PRIVATIZED ABILITY TO MAKE "MONEY" OUT OF NOTHING AS DEBTS, WHICH IS THE GREATEST ACHIEVEMENT OF ORGANIZED CRIME. The basis of everything in the global economy is the fundamentally fraudulent creation of "money" out of nothing, as debts, by private banks. The Federal Reserve Board was the American central banking cartel. Almost the whole world is already integrated into a global system, in which the Bank of International Settlements is the King of Kings of Fraud. Since the whole world is dominated by FRAUD, the future looks extremely bleak, since being controlled by huge lies, backed by lots of violence, has terrible long term consequences! In that context, the insight of Mark Twain may well be applied to Greenspan that, "the best liars believe their own lies." The best liars operate through the most evil deliberate ignorance.

The deeper problem is that the violation common sense, and the laws of nature, which creating "money" out of nothing represents, is the foundation of everything in our economic system. The economy was always organized lies, operating organized robbery, in which context guys like Greenspan were slick operators. The parasite of those private central banks is killing its host, while the vast majority of people do not understand that, and have been brainwashed to not want to understand that. The banksters, and their foundations, already dominated the schools and the mass media. Therefore, the future looks like it is totally screwed. The triumph of fraud continues to be able to control human activities, in ways which drive human beings to constantly behave more and more collectively insane. Since there are no effective ways to resist the series of short-term successes of society being controlled by the methods of organized crime, there is really no practical way to stop that happening.

In that context, the greatest of all bubbles is the size of the human population itself, which was driven by fraudulent financing to be able to pay for today with claims made on tomorrow. The eventual consequences of the economic bubbles that guys like Greenspan blew up will be the collapse into chaos and mass murder of the human population, through genocidal wars, along with democidal martial law. Paying for everything with the fraud of "money" made out of nothing, as debts, is absolutely guaranteed to destroy the future more than we can imagine! In that context, Greenspan may be human, but what he represented were the greatest acts of organized crime there ever were yet, which shall result in the most evil mass murders there ever have been.

Meanwhile, the ONLY genuine solutions would be better organized crime, but it is practically impossible to have any sane public debates about that, since the mass media and school systems are already integrated into the banksters' systems of the biggest bullies' bullshit social stories about almost everything, where the morality that the Zombie Sheeple were taught to bleat is deemed to be superior. Since the best organized, biggest gangsters, the banksters, already dominate America, and most global systems, we live in a Bizarro Mirror World where everything is talked about in ways which are backwards and distorted, on every level. More radical truth needed to recognize and address that situation is the Fringe Cubed of the mainstream society, which is where one can watch interviews like this with Greenspan.

Wed, 10/23/2013 - 16:38 | 4084034 dogbreath
dogbreath's picture   its a bit dated but still funny

Wed, 10/23/2013 - 16:39 | 4084035 moneybots
moneybots's picture

"Perhaps summing up the mantra of his ilk better than any other sentence, Greenspan concludes, "a bubble in and of itself does not give you a crisis"


Then what is the FED's fear of bursting the current bubble, if it does not give you a crisis?

Wed, 10/23/2013 - 16:41 | 4084045 Catullus
Catullus's picture

What's funny is that prior to being Fed Chairman, he was partner in a consulting firm called Townsend-Greenspan that was hired by the Gulf & Western pension fund for economic forecasting. The fund folded.

He has never had success applying his models. He doesn't have to apologize. The results tell us all anyone needs to know.

Hey Alan, i see you're still living in the shadow of Rothbard.

Wed, 10/23/2013 - 16:42 | 4084054 bronzie
bronzie's picture

“Bubbles generally are perceptible only after the fact. To spot a bubble in advance requires a judgment that hundreds of thousands of informed investors have it all wrong. Betting against markets is usually precarious at best.”
- Alan Greenspan (June 1999)

Wed, 10/23/2013 - 16:59 | 4084110 moneybots
moneybots's picture

“Bubbles generally are perceptible only after the fact. To spot a bubble in advance requires a judgment that hundreds of thousands of informed investors have it all wrong. Betting against markets is usually precarious at best.”
- Alan Greenspan (June 1999)


Now he admits it was a lie.


The lies continue.

Wed, 10/23/2013 - 16:52 | 4084088 tmfp
tmfp's picture

Just listening to this asshole on Radio 4. The BBC interviewer is giving him a bit of a hard time, three times so far interrupting his self justifying drivel with "Well, that's bleeding obvious, isn't it?"

Wed, 10/23/2013 - 16:54 | 4084093 moneybots
moneybots's picture

"I don’t apologize…I was doing the best I can."


Greenspan has yet another bridge for sale. 

Greenspan wrote that 1920's FED policy lead into the Great Depression.  He doubled down on that policy, which was exactly the wrong thing to do and he knew it was the wrong thing to do, from his own writing.

Greenspan isn't apologizing because of some other selfish reason.  He definitely owes one to all the people he has willingly harmed.

Wed, 10/23/2013 - 16:55 | 4084100 venturen
venturen's picture

WTF are these guys there for if they just make the bubbles worse!

Wed, 10/23/2013 - 16:56 | 4084104 bronzie
bronzie's picture

“Those of us who have looked to the self-interest of lending institutions to protect shareholder’s equity (myself especially) are in a state of shocked disbelief.”
- Alan Greenspan (October 2008)

Wed, 10/23/2013 - 17:00 | 4084117 tony wilson
tony wilson's picture

he knew cos the fucking rapist read it in his draft copy of his rothschild fucking script.

the cunt is only alive because he gets blood from children pumped into his toxic veins.

Wed, 10/23/2013 - 17:08 | 4084152 Richard Whitney
Richard Whitney's picture

He could have increased margin requirments, after he himself identified 'irrational exhuberance'. But, no, he didn't. 

He had no more clue that a bubble was happening than anyone else within the beltway. He was in his position too long, and has spent the time since on a revsionist tour.

Too bad we remember better, Mr. Greenspan.

Wed, 10/23/2013 - 18:02 | 4084238 spinone
spinone's picture

Let me put this plainly. Politicians don't care about you. Bankers don't either. They don't care about you. They don't care about you. They don't care about you. They don't give a fuck about you. They don't give a fuck about you. At all. At all.  If they say that they are, they're lying.  They don't care about you.

Wed, 10/23/2013 - 17:49 | 4084252 tradebot
tradebot's picture

Actually he did get in front of congress and speak of a housing bubble...I credit him for giving me the idea to sell my dream home in time to make a profit...otherwise I would have waited for 4 or 5 yrs before I could have got what I paid for it 15 yrs ago.  Don't understand why he didn't mention that.  Greenspan wouldn't make a pimple on Helicopters butt.

Wed, 10/23/2013 - 18:14 | 4084324 fiddy pence haf...
fiddy pence haff pound's picture

it was clear from what he did to Brooksley Born that Greenspan knew what he wanted

to keep allowing to happen. We also know because of what Born was trying to stop,

the totally unregulated derivatives OTC market.

Greenspan of the Black Hole is being allowed to lie at will.

Let's think positive.

maybe he's not as bad as Larry Summers.

Wed, 10/23/2013 - 18:18 | 4084337 fiddy pence haf...
fiddy pence haff pound's picture
save money by running spell-check. These morons are advertising at the top of this page Make up to 92% Insatntly
Wed, 10/23/2013 - 20:24 | 4084660 khakuda
khakuda's picture

Alan.  You did it.  It was you.

Wed, 10/23/2013 - 20:43 | 4084703 tvdog
tvdog's picture

Wasn't Alan Greenspan a protege of Ayn Rand when he was younger? What the hell happened to him?

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