Well, not really — but close. Read:
In a blunt critique of his successor, Fed Chairman Ben Bernanke, Greenspan said the $2 trillion in quantative easing over the past two years had done little to loosen credit and boost the economy.
“There is no evidence that huge inflow of money into the system basically worked,” Greenspan said in a live interview.
“It obviously had some effect on the exchange rate and the exchange rate was a critical issue in export expansion,” he said. “Aside from that, I am ill-aware of anything that really worked. Not only QE2 but QE1.”
Huh. Who knew that printing money does not lead to the creation of wealth? Who knew that huge injections of debt won’t make a country rich? Who knew that stomping on industry’s throat while attempting to keep prices high wouldn’t do a thing for unemployment or consumer spending?
And those links above go back to stuff I wrote a couple weeks ago, and a year ago, and two years ago.
I told you back in June of 2009 that Obamanomics was doomed to fail. I didn’t need to wait 24 months for Alan Greenspan to explain it to me after the fact. And if you’re reading this, then chances are neither did you.
Over-regulation? Fail. Over-spending? Fail. Too big to fail? Fail. These were not tough calls to make. The problem is, it took an extra five or so trillion dollars in debt for the progressives to get their lesson.
Only they Still. Haven’t. Learned. They’re still talking stimulus. Well, buddy, this bird wouldn’t voom if you put four million volts through it. The economy is going to keep creaking along until we stop taxing everything that moves, regulating everything that keeps moving, and subsidizing everything that stops moving.
And you can take that to the bank. Just don’t count on getting anything for it.