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year and a half now–and has spent, by his own account, a notable amount of that time in the bathtub. Yet many Americans still want to believe that Alan Greenspan is in charge of the economy.In olden times, mainly the late 1990s, faith in Greenspan’s omnipotence was expressed almost exclusively in positive terms. He was the “maestro,” as Bob Woodward dubbed him in a best-selling book; the senior member of the “Committee to Save the World,” as this magazine put it in a 1999 cover story; the Federal Reserve chairman who didn’t just preside over the longest economic expansion in U.S. history but also was credited with somehow willing it to happen.Since that long boom ended in 2001, though, griping and whining have been ascendant. Greenspan was a bubble blower, the main criticism goes,[url=http://www.smislam.com/]Christian Louboutin Men[/url], a man whose lax monetary policies encouraged excess and speculation. What’s more, he failed to thwart George W. Bush’s demolition of the budget surpluses built up in the Clinton years. These complaints were steadily gaining in volume,[url=http://www.smislam.com/]Cheap Christian Louboutin[/url], thanks to the collapse of a mortgage-lending boom that began on Greenspan’s watch, when the man jumped into the fray in mid-September with The Age of Turbulence, a new book about his life, and a barrage of media interviews to promote it.So is Alan Greenspan really the root of all economic evil? Uh, no. Read more.How did I end up (sort of) defending Greenspan? Mainly because the criticism today is so over-the-top. John Cassidy’s nuance-free Portfolio takedown to a certain extent set me off (although not nearly as much as it set Brad DeLong off).Greenspan was a conscientious and more-than-competent technocrat at the Fed. He may not have been entirely up to dealing with the new financial world that his success helped create, and his forays outside of monetary policy became increasingly problematic (and tone deaf) as his time in office wore on. But the current tendency to blame him for every last one of America’s economic problems is almost as ridiculous as the late-1990s tendency to give him sole credit for the country’s economic boom.New column: the end of easy moneyIt’s not technically a column. It is,http://www.smislam.com/, in Time parlance, a story in the well of the new issue, with “IRAQ” (or is it “A IRQ”?) on the cover. But you can’t tell the difference online. It begins:Again and again in these past few months, financial markets have appeared to be on the verge of something very scary. It happened first and most jarringly in February, when subprime-mortgage woes made headlines in the U.S. and a market crashlet in Shanghai sent global stocks into a swoon. Lately the scares have been smaller but more frequent: a sharp rise in interest rates in May, runs on a couple of hedge funds in June, a sudden drop in demand for risky mortgage and corporate debt in July.During each of these episodes, the financial pages filled with fret: Would this be the moment when markets turned south, when credit dried up,[url=http://www.smislam.com/]Christian Louboutin Discount[/url], when hedge-fund managers and private-equity partners started applying for work at Wal-Mart?Then markets calmed, the Dow cracked 14,000, and the world got back to business. Don’t count on that happening forever–today’s jitters do probably presage something worse. “Rather like a brontosaurus that has been bitten on the tail and most of the body hasn’t noticed it yet, the signal is working its way up the vertebrae,” says Jeremy Grantham, chairman of Boston money manager GMO. But even the bearish Grantham doesn’t see the reckoning coming tomorrow or even necessarily next year. And in the meantime, something with far more impact on most Americans’ lives than a stock-market correction has already happened.That something is the close of a remarkable era of easy money. Cheap credit helped fuel the stock bubble at the end of the past millennium and almost entirely fueled the real estate boom of the first years of this millennium. It kept us spending through the tough years that followed the
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