Hillary Clinton gets some pushback on her idea of letting Alan Greenspan solve the country’s economic problems and replies:
Not only that, but the Fed didn’t act while he was there. But he has a calming influence still to this day on Wall Street — don’t ask me why because I never understand what he’s saying — but nevertheless people respond to that Delphic oracle approach. I think it would be wise to include him. And recently he’s come out and vert smartly so that we have to deal with housing and maybe we need to have some kind of buyout mechanism for mortgages. So he’s moved on his understanding and depth of the problem — but you know you could pick three others. You just have to have some demonstrable involvement of presidential leadership.
Basically, she’s the candidate of experience and policy substance, but when challenged on the particulars of her policies it’s all “math is hard!” don’t ask me how the magic works. But when Greenspan told people they should take out Adjustable Rate Mortgages, I think that was perfectly clear and understandable. And many of them probably felt that if the Delphic Greenspan believed that sort of thing was wise financial management, that maybe they should swallow their doubts and do it. And therein lay the genesis of at least some of our current problems.