Roger Garrison has an excellent comment on The Independent site: "The real Keynesian beauty contest was played out between Greenspan himself and traders in securities markets. The traders had to guess what interest rate the central bank was going to target next; and Greenspan had to guess what guesses the traders were making.”
This is very insightful and very descriptive of the 'science' of Greenspan as the Fed Chairman. He would 'sniff the air' to see what was in it and then react to it.
The irony is that his behavior was based on his own subjective impression of the action/reaction in the market as a result of the whimsical signals sent by himself, the 'maestro.'
To him subjectivism was his whims and the chaos that they created. Talk about an ego-driven interventionist! He distorted and perverted subjectivism so that it was all about himself and the rest of the dollar-bound world bending to his capriciousness.
As to whether Greenspan trusted the market: in his ego-driven mind he was the market! Being Fed Chairman is the quintessential position of glory for the ego-driven interventionists in this, the Dark Ages of economic science. And from that seat of authority he (and now it is Bernanke) administers the plague of counterfeiting and corruption and theft.
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