CNBC EXCLUSIVE: CNBC'S MARIA BARTIROMO SPEAKS WITH FORMER FEDERAL RESERVE ... CNBC.com (blog)
GREENSPAN: IT OBVIOUSLY HAD SOME EFFECT ON THE EXCHANGE RATE AND THE EXCHANGE RATE WAS A CRITICAL ISSUE IN EXPORT EXPANSION.ASIDE FROM THAT, I'M ILL AWARE OF ANY ENDEAVOR -- ANYTHING THAT REALLY WORKED. LET ME TELL YOU WHY. NOT ONLY QE-2 BUT QE-1 HAS NOT BEEN SPENT. A TRILLION AND A HALF DOLLARS, WHICH IS EXCESS RESERVES HAVE, TO MY ESTIMATION, NOT BEEN SPENT. THE WAY YOU CAN TELL THAT IS THAT THE MONEY MULTIPLIER, A RATIO OF THE EXPANSION OF CREDIT IN THE COMMERCIAL BANKS AND THE MONETARY BASE, WHICH REFLECTS THE EXPANSION OF THE FEDERAL RESERVE BALANCE SHEET, THAT HAS CHANGED NOT AT ALL. YOU CAN SEE IT IN THE FACT CNI LOANS ARE RARELY MOVING. MORTGAGES, IF ANYTHING, ARE WEAKENING IN NUMBERS AND CONSUMER CREDIT IS VERY DULL, SO THAT THERE IS NO EVIDENCE THAT HUGE INFLOW OF MONEY INTO THE SYSTEM BASICALLY WORKED. IF YOU TAKE A LOOK AT WHERE IT WENT, IT IS VERY INTERESTING, ALL GONE TO EFFECTIVELY THE COMMERCIAL BANKS, WHO HOLD THOSE MONIES AS RESERVES, AT THE FEDERAL RESERVE BANK, THE 12 FEDERAL RESERVE BANKS AT 25 BASIS POINTS. THE BANKS COULD VERY READILY RECEIVE 125 BASIS POINTS MORE IN THE TYPES OF ASSETS THE FEDERAL RESERVE CALLS MINIMUM RISK. THEY CHOOSE NOT TO DO THAT. THAT BASICALLY THE CAUSE OF THEIR CONCERNS ABOUT THEIR CAPITAL ACCOUNT AND VARIOUS OTHER ASPECTS OF LENDING. BUT THE POINT OF THE MATTER IS THEY HAVE NOT MOVED.IF IT WEREN'T FOR THE PSYCHOLOGICAL EFFECTS, WE COULD TAKE A HALF A BILLION OFF THE -- PROBABLY TAKE A TRILLION DOLLARS OFF THE BALANCE SHEET OF THE FEDERAL RESERVE, IT WOULD ESSENTIALLY BE REMOVING THE DOUBLE COUNTING THAT IS GOING ON. IT WOULD NOT HAVE A SIGNIFICANT TIGHTENING EFFECT EXCEPT PSYCHOLOGICALLY?Debt Consolidation Affiliate Program How To Sell Leads
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