Five Simple Steps to Becoming a Billionaire: The Greenspan Method

by Johnny Debacle
  1. Become Fed Chairman
  2. Lower interest rates until you create an asset bubble. Hold them low until stagflation is in the air and a real estate bubble is floating
  3. Stop being Fed Chairman and release a book on how you didn’t do anything wrong and have no regrets. If possible, time it perfectly with the worst real estate market in generations
  4. Join the hedge fund which has profited more in % and dollar terms than anyone else has from your mess (which you didn’t create)
  5. Build a platinum statue of your muse, Ayn Rand, and sleep with it every night

It also helps if you are mostly unethical.

Addendum: Look at this quote from Greenspan from the WSJ’s Real Time Economics:

“Q: All three of your clients — Pimco, Deutsche Bank and now Paulson — were bearish early on housing and mortgages. Is there a connection?
A: I hadn’t [noticed] until you just raised the issue.”

Greenspanspeak is code for self-serving disingenuousness.

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