In this weekend's Barron's, reporters find a rare copy of Alan Greenspan's Ph.D. thesis. The thesis discusses housing bubbles and their effect on consumer spending.
Greenspan's Body Count now appears not the result of negligence or incompetence on the part of the Maestro, but of malice. Years before he created the bubble with unprecedented easy credit, and years before he urged borrowers to buy overpriced homes with adjustable-rate mortgages, Greenspan knew what the outcome would be:
...the work's introduction includes a discussion of soaring housing prices and their effect on consumer spending; it even anticipates a bursting housing bubble. Writes Greenspan: "There is no perpetual motion machine which generates an ever-rising path for the prices of homes."
Greenspan's Body Count remains at seventeen:
Michel Veillette
Nadya Ferrari-Veillette
Marguerite Veillette
Vincent Veillette
Mia Veillette
Jacob Veillette
Maurice Pereira
Natasha Pereira
Mark Achilli
Raed Al-Farah
Andrew Kissel
Rufus Shaw Jr.
Lynn Flint Shaw
Mr. Pierce
Walter Buczynksi
Marci Buczynski
Jason Washington
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