The Greenspan Irony

Congratulations are due to Alan Greenspan, whose book still sits atop the Amazon

bestseller list, and which sold, the

WSJ says today, 129,000 copies in its first week. Or, to be precise, it

sold at least 129,000, and probably more like 172,000, since Nielsen

BookScan tracks about 75% of retail book sales in the US.

It seems, indeed, that Greenspan and his publishers are actually profiting

from the credit-market turmoil and the housing bust which may or may not be

the natural and disastrous consequences of Greenspan’s loose monetary policy.

If we were still in the middle of the Great Moderation, and the markets were

still awash in liquidity, I can’t imagine that Greenspan’s book would have got

nearly as much attention as it did.

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