Fall From Grace

Greenspan Sought to Hide Dissent

For an example of extreme arrogance, look no further: "We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Alan Greenspan said in a 2004 Federal Reserve meeting. In the same meeting, Jack Guynn, who was then president of the Atlanta Federal Reserve, warned that “a number of folks are expressing growing concern about potential overbuilding and worrisome speculation in the real-estate market, especially in Florida.”