Federal Reserve Chairman Alan Greenspan is no longer perceived as the all-knowing financial wizard, according to Iowa Senator Tom Harkin, who points to the teetering economy as evidence. “We’re finally seeing that the emperor, in this case Alan Greenspan, really has no clothes. I’ve been for years saying that Alan Greenspan was reading the wrong tea leaves.” Harkin says the six hikes in interest rates over recent years have been “wrong for the country.” Harkin predicts more cuts in the rates will be forthcoming and that they’ll be deeper than would have been needed had Greenspan made the right moves over the past few years.
