Greenspan, `Master of Garblements,’ Fares Poorly in Book on Fed –Blooomberg
None of these chairmen comes off well here. Greenspan, “the master of garblements,” fares the worst. His “skill in presenting imprecise, sometimes near-meaningless, conflicting, yet learned-sounding views won him over-the-top adulation for his insights and abilities,” Auerbach writes.
These evasions and deceptions allowed Greenspan to avoid accountability, which is the thrust of Auerbach’s critique. The Fed has 19 decision makers — seven governors in Washington and 12 regional bank presidents. They are accountable to no one.
