When Matt Taibbi declared Alan Greenspan "The Biggest Asshole in the Universe" in his 2010 book Griftopia: Bubble Machines, Vampire Squids, and the Long Con that is Breaking America, it seemed a little extreme. But on June 21, 2012, a day when overall markets were tanking because media reports highlighted the for some time now well known poor state of the macroeconomic outlook, Bloomberg carried an astonishing article (Former Fed Chief Greenspan Says Economy 'Very Sluggish' ) which quotes Greenspan in reference to a question about JP Morgan's $2 billion prop trading loss as saying "Bankers take risks and there are going to be failures as a result. You want that type of culture whereby people take risks because unless they take risks you get very little in the way of innovation. Creative destruction is what basically moves a market economy forward. People may not like the destruction part but if you don't have the destruction part eliminating the obsolescent capital you can't have the growth." If you leave out the word "bankers" that makes sense, but when the bankers use client deposits partly guaranteed by the American taxpayer to engage in creative destruction, that makes no sense at all. Matt Taibbi was perhaps too kind in his description of Greenspan.