Alan Greenspan - Bubble Man - 2005
(Alan Greenspan - entering into that strangest of trysts, Politics and Economics)
With the latest "mea culpa tour" of Former Fed Chairman Alan Greenspan, I found myself listening to a program, originally broadcast by ABC Radio National in Australia on August 17, 2005, where the discussion centered on a previous economic crisis; the 2001 economic meltdown between Peter Hartcher of The Sydney Morning Herald, Paul Kasriel formerly of the Federal Reserve Bank of Chicago and Late Night Live host Phillip Adams. Certain eerie parallels come to mind.
Peter Hartcher (Sydney Morning Herald): “He (Greenspan) was gearing up to do something about it (the bubble). He could see that it was way out of line, he could see that it was about to . .that it was carrying up the economy up to great heights, it was going to burst and the economy would be dashed to the ground, we’d be in recession, everyone would lose their money. He saw it unfolding exactly as it was going to, and we know that because we have the minutes of the Feds secret meetings, they published in full five years later. And he even went so far as to begin to warn about it, and you’ll remember he gave a famous speech where he said the markets were entering a period of ‘irrational exuberance’. But then something funny happened. After he gave that speech markets around the world took a tumble. But then Greenspan stopped on that agenda. He stopped warning about the bubble, he stopped shaping up to do something about it, and he switched and went over to the other side and became a cheerleader. Now, really the question you’re asking is why did he do that? What changed? And the short answer is, he played the politics, not the economics.”
Needless to say, hindsight is always 20/20, but this was clearly a matter of not learning from mistakes, or caring not to pay attention to them.
In either case, the Big One showed up on our doorstep three years later and the media went into overtime with hand-wringing. Nobody, it seemed learned anything.
It's the six-fingered man!!! Where's Inigo Montoya when you need him?
"Hello, my name is Inigo Montoya... you killed my father. Prepare to die." ;-)
"Needless to say, hindsight is always 20/20, but this was clearly a matter of not learning from mistakes, or caring not to pay attention to them"
(I say) ...this was clearly a matter of willful economic destruction and Burnbanky is a tag team member.
The Fed is an enemy of the state if you ask me.
(I know economic warfare when I see it) mistake? (my ass!)
(I hope that open thread comes up soon!)
audit-prosecute-incarcerate
This has been the policy and goal of the policies for over 10 years now..
Just look at what these Global Monopolies are receiving..
Every d... thing they have wanted to force down American's throats and ask have ask for in over 60 years... Tell me this just happen ,,,, or do you believe it was a very well planned policies which happen with the aid of their paid elected officials to push their policies through..
Our constitution , bill of rights and laws are a joke any more.
They have destroying the unions..
They have destroy any power Americans had over any oversight or laws which govern them...
Have our Federal Treasury transfer all of wealth to them,,, and that was not enough so they had the government to give Billions to them on a credit card in OUR name from China...
If you do not believe the use-to-be American corporations are not in partnership with China , India and other foreign countries , just look at the company names on the products which are coming from China...
Every American top name brand is on China's imports to sell to us..
Now China is poisoning us and every other thing they wish and nothing is said or done about it..
Our country is now a warehouse for selling goods coming from China , India , Japan , Britain , Germany , France , Canada and so on.. And we are renters in ??our?? own country.
How in the h... can Americans have jobs or an Type of economy when these Global Empires through the support of the government with tax breaks and other goodies, have outsourced all our manufacturing plants and jobs overseas.. There is nothing left and the new contracts are being giving to foreign countries like China to build in our country..
Do these people hate American workers , because anyone knows they are not that d... dumb...
None
"Look ma, I've got more fingers on my paw than I do inches on my d*ck!"
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
He's giving you the middle finger twice, the Randian putz.
he was smart. No more. And in other news, ANOTHER shoe bomb attempt? Good lord. Enough with the shoes.
at the airport. 'Parently not...
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
and this one was IN the USA? Come on!
is this news made the BBC website BEFORE the NY Times. WTF?
"Smokin' in the Boys Room", per Rachel. If so, I can empathize...
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
...a "fallen oracle"
audit-prosecute-incarcerate
...how,
when Greenspan was The Fed chairman...
FRD's became the "world's currency" and American "GREEN SPANNED" across the globe...as the oil dollar?
and then Burnbanky took over and all the banks crashed and burned?
...and of course everyone remembers Neil Kashkari! (cash carry)
http://www.youtube.com/watch?v=evpFtFfPWP8
audit-prosecute-incarcerate
I told you guys before, Ayn Rand is god! And her policies are five times better...., I mean six times better...., damn it, I gotta remember that second pinky...........;)
If I were a psychopath, I would join the republican party, and get in on the gravy train taking the Teabircher morons to the cleaners.
does his other hand match?
Did his family catch fish in Love Canal?
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
Greed over rode all logic , reason and restraint , they were making huge sums of money . Tomorrow ? Who cares ! Besides , the Fed Government will reimburse us / bail us out . Ah yes , wonderful Reaganite , free market , unregulated Capitalism , ain't it great ? Karl Marx was right , Capitalism is an evil system set up for and by the "haves" to exploit the people and it's a recipe for a disaster , inevitably it will fail .
"The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all."
"Needless to say, hindsight is always 20/20, but this was clearly a matter of not learning from mistakes, or caring not to pay attention to them."
No doubt, but you state this as if it is something new. Humans have been failing to learn from the past for thousands of years. Think about the world of finance. No one in the profession now remembers jack about the Great Depression, heck even the recession of the early 1980s or the early 1990s. Anyone in finance in the last decade probably doesn't even remember the early 2000s downturn. How much history do you think finance majors are required to take? Math majors? Don't act so shocked and outraged at the obvious.
Well, like you said -
and that is the huge problem. It's amazing how short memories are and maybe it sounds like I preach to the choir when I write that, but the number of people who just don't remember is really stunning.
But I don't expect it to change anytime soon. Yeah it is. It is, but what can be done about that besides giant changes in the way we educate ourselves. Unfortunately with dire budget circumstances in many states education is being gutted instead of bolstered. It's all very sad. What did you think of Niall Ferguson's "The Ascent of Money"?
I don't care what he says. I'm not going to Six Flags.
I still say these "meltdowns" seem mighty fishy
Is he counting with his fingers?
Diabolus est Deus Inversus
For 20/20 hindsight...
When Greenspan was picking up his check for those years of employment , it was for correct decisions not MAYBEEEESSSS or hindsight...
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