…of lenders — Greenspan called them “financial innovators” — that were not traditional depository banks but were mortgage originators only. The third element was the corruption of the ratings agencies….

…serious risk, literally SOMETHING had to be done. And lo! the Greenspan Commission. More below. Ignoring for our purposes the specific package that came out of the 1983 legislation that…

…doesn’t have real GDP) except for 2009. https://research.stlouisfed.org/fred2/graph/?graph_id=154463&category_id=0 I think the Greenspan-Volcker view is irrational ideology. You recall the devotion to the gold standard in the 20s and 30s and…

…the best policy. The argument that an empty trust fund will be like say Lehman going bankrupt and not like Social Security before the Greenspan commission is needed to convince…

…gap was essentially even between negative and positive. Greenspan thought the CBO was correct. My Effective Demand rule does not have these problems. Here is an overlay of my Effective…

…the 1%. Greenspan was a famous example. Other asset prices certainly respond to a stock market bubble , like art and other collectibles , but that doesn’t do much for…

…wage income has escaped taxation. When the Greenspan Commission set the cap for taxable wages in 1983, it covered 90 percent of wage income. Currently the cap only covers around…

…Greenspan commission).  Most of those who have noted this, particularly the VSP types, have applauded it, saying this has been sort of a scam and has been available mostly to…

…the full experience of that postwar boom, well into middle age when the wage growth slowed, and in their 50s when fica taxes rose sharply as part of the Greenspan…

…should define balance at the natural effective demand limit. Greenspan did a good job of getting these two pairs of lines to cross where they should at the natural limit…