Back here I suggested that Alan Greenspan was perhaps unworthy of all the praise heaped upon him. Via James Wolcott (please read) I find that Dave Lindorff, writing in Counterpunch, agrees with me.

His pronouncements on the financial stability of the Social Security system are no more prescient or sound than his economic forecasting skills, which have been repeatedly found wanting.

It is probably worth remembering that when Greenspan left his private career as owner of a pension management firm, Townsend Greenspan, and went into government service, he left a company run into the ground because of his poor investment advice and market forecasting abilities. By the time he left, Townsend Greenspan had lost all its clients, who had all sought more capable advisers with better records.

American workers should remember all this when they read news reports quoting Greenspan as saying that the Social Security system cannot be expected to pay promised benefits to future retirees.

Glad to have you and James along, Dave.