Given our earlier discussion of the former Fed Chair, today’s Quote of the Day is particularly apt. It comes from Dresdner Kleinwort researcher Albert Edwards, who is also a former Bank of England employee. Edwards, apprently, is no friend of Easy Al:
“With the retirement of Alan Greenspan from the Fed, I really thought I could move on. It was hard work heaping scorn and ridicule on the man who had, in my view, presided over the most grotesque period of economic mismanagement in living memory. But why the indecent rush to cash in? Isn’t it obvious? He mightn’t have long before his Ponzi scheme collapses. Better cash in quickly before it does…
I still remember with acute embarrassment one client lunch, when an analyst colleague was presenting. Unfortunately, he inadvertently propelled some half eaten food across the table and it landed in the beard of a client who was sitting opposite. Luckily the client himself didn’t seem to notice, or maybe he was just too polite to say or do anything. So Alan, my advice is however much of a mess you think you are making, just keep on going and hope no-one notices. It will be no different then from the Fed really!”
Ouch! . . .
Hat tip: Bill King