The Heritage Foundation is touting a negative opinion of the cash-for-clunkers program by Alan Greenspan. Heritage seems to not realize that it isn’t 1999 and Alan Greenspan isn’t exactly seen as the ubergenius he once was.
Greenspan, 82, who was chairman of the Federal Reserve central bank from 1987 to 2006, was a leading cheerleader for deregulating Wall Street and presided over the longest economic boom in American history.
After the housing bubble burst, splattering the toxic remnants of bad mortgage loans everywhere and sending the entire economy into free fall, Greenspan said he reexamined his free-market ideology.
“I found a flaw,” he confessed. “I was shocked because I had been going for 40 years or more with very considerable evidence that it was working exceptionally well.”
To be charitable, going to Alan Greenspan for input on an economic issue nowadays is a little like asking Donald Rumsfeld the best way forward for the U.S. military.