Greenspan: Oil is, like, expensive

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Today we got reminder of the time Before Bernanke. A time when we had a Fed chairman who didn't so much as say things as riddle them.
In Alan Greenspan's first appearance before Congress since stepping down as the head of the Fed, Greenspan mixed the very obvious (oil is expensive) with the very conventional (if oil gets too pricey it hurts growth) with the mysterious. How much would it hurt growth if oil continues to climb?
"It’s very difficult to tell how much because a large part is psychological," Greenspan said.
Can we call it "irrational contractionary impulses?" Remember how much fun those sayings were?
Mmmm. The old mystery cult of the Fed. We cannot help but miss the old guy.

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