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Alan Greenspan on the Crisis and Coolidge

October 23, 2013 by Robert Asahina

In an hour-long interview with the Associated Press this week, Alan Greenspan spoke about his new book, "The Map and the Territory," and about being "intellectually shocked" by the 2008 financial crisis and the failure of "rational financial risk management."

"It was a big surprise to me how big the subprime market had gotten by 2005," the former Federal Reserve chairman told the AP. "I was told very little of the problems were under Fed supervision. But still, if we had seen something big, we would have made a big fuss about it. But we didn't. We were wrong. Could we have caught it? I don't know."

Thinking about the lessons of history, Greenspan told the AP that he found "Coolidge," Amity Shlaes's biography of the 30th president, "fascinating because so little is known about him."

Asked by the AP if he admired Calvin Coolidge, Greenspan said, "Yes. I always have. He had his problems. It is a very interesting period of American history which I don't fully understand."

You can read the entire AP interview with Greenspan here.
 


Author

Robert Asahina

Robert Asahina has been a newspaper and magazine editor and writer, a book publishing executive and editor, and a data management consultant. He was editor in chief and deputy publisher of Broadway Books, president and publisher of the adult publishing group of Golden Books, and vice president and senior editor of Simon and Schuster; deputy managing editor of The New York Sun and an editor at The New York Times Book Review, Harper's, George, and The Public Interest; and a consultant at Freddie Mac. He is the author of "Just Americans" and of numerous articles and reviews for The Wall Street Journal, Harper's, The New York Times Book Review, and elsewhere.

 

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