Greenspan Quote of the Day

In Barbara Walters new memoir "Audition – A Memoir,”  she discusses dating Alan Greenspan.

We also learn that Greenspan, whom she recalls was a “nice dancer,” gave Walters bad real-estate advice in 1977, counseling her not to buy a four-bedroom, Fifth Avenue co-op for $250,000 during New York’s fiscal crisis. "So I didn’t buy it. Today that apartment is worth at least $30 million,” she writes.

At least he has been consistent throughout his career.

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Source:

Walters Dates Greenspan, Rides With Castro, Courts Lewinsky    
Robin D. Schatz
Bloomberg, May 6 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=apj13ihKOpsw

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What's been said:

Discussions found on the web:
  1. dano commented on May 7

    Now THAT is funny!

  2. MooPoint commented on May 7

    That’s 8.7% compounded annually.
    Not bad, not super though.

  3. Jdamon commented on May 7

    Greenspan has done more to ruin this country than any other human being on the planet. He was, and still is, a very dangerous imbicile.

  4. David Price commented on May 7

    Barry, That may be the best economic advice he has ever given.

  5. Innocent Bystander commented on May 7

    I wonder how his investments turned our over a thirty year period. Since somebody else had to manage them, probably OK.

  6. Lindsay commented on May 7

    I understand that Greenspan made some mistakes — and I am by no means saying he was innocent during the makings of this downturn — however it is hard for me to believe a SINGLE man killed the American economy. It simply seems irrational and irresponsible given the gravity of the situation. Yes, he may share some blame. The other members of the Fed deserve blame — so do the economic advisers of GW Bush, our representatives in Congress, etc, etc. Why don’t we stop the hate and start talking about solutions?

  7. BobW commented on May 7

    MooPoint,

    Try 16% compounded annually. It’s almost doubled in value seven times in 31 years. Hence the property has doubled in value about every 4 1/2 years. Using the rule of 72, you get 16%.

  8. JGuy commented on May 7

    Jdamon, it’s imbEcile.

    Considering the context, you might have wanted to spell that correctly.

  9. Rob Dawg commented on May 7

    Before we get all down on Alan for saying that co-op was a bad investment maybe we should give him a few more months to see how it turns out.

  10. Chris commented on May 7

    At least he was a good dancer.

  11. danimal commented on May 7

    MooPoint, I’d recommend you buy a 12c and familiarize yourself with it–I get 16.7% over 31 years. Not too shabby!

  12. Northern Observer commented on May 7

    What is so disturbing about Greenspan is that he was moved to the top of the pyramid for his political loyalty rather than competence. And this has been happening at all levels in America. Not good.

  13. ReturnFreeRisk commented on May 7

    Mr. Greenspan is proposing a new housing relief plan:

    1) Lenders writeoff the loans to the current assessed value of the house.
    2) A new FHA insured 30 yr fixed loan is made to the homeowner.
    3) FHA puts down the remaining 20% with explicit provision that the taxpayer gets any upside from a future sale.
    4) Fed cuts overnight Fed Funds rate to 0.
    5) Every foreclosed home refinanced through FHA will be required to plant tulips in the front yard.

    Then the taxpayers and homeowners can just sit back and watch the value of their properties SOAR !!!
    Way to go Greenie! Genius.

  14. RN commented on May 7

    Greenspan’s done a lot to destroy this country, yes.

    But not even in the same ball park as Bushco and the like-minded sadist Republicans klan.

  15. winslow commented on May 7

    I consider myself the average, middle- American. It seems all I have seen for many, many years are decisions that effect me negatively. We need a tremendous reform movement in this country.

  16. Steve Barry commented on May 7

    You guys miss the irony of the story…it was Greenspan himself that blew the bubble that made the apartment worth $30 Million.

  17. rix commented on May 7

    I would guess Moo solved for $3 million, not $30 million . . . . fat finger strikes again!

  18. wnsrfr commented on May 7

    Sorry, I don’t believe $30M for a 4 bedroom ANYWHERE in NYC…can someone prove that as a realistic price?

    Sure, I know, it could have 4 bedrooms and a ballroom the size of central park, but it still feels like there is a decimal point issue here…

  19. ParasiteCure commented on May 7

    Saying Greenspan ruined the country without mention of the unconstitutional entity he worked for is a strange way to look at things.

    Why do we all accept and tolerate the manipulation of our monetary system by some unknown “hand”?

  20. Winston Munn commented on May 8

    So it seems Ayn Rand is not the only one screwed by Greenspan?

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