"The housing bubble was Greenspan’s doing pure and simple. He gave birth to it, nurtured it, protected it, and guided it during every stage of its development.
In fact, if there was a deck of playing cards featuring the key players in this debacle, Alan Greenspan would be the ace of spades.
The fact that the media still holds this joker in such high esteem is a testament to just how clueless they are. Rather than fawning over his every word, journalists should be grilling him like a CIA interrogator."
-Peter Schiff, August 2008
August 02, 2008
Peter Schiff throws Alan Greenspan and the MSM under the bus.
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The fact that the media still holds this joker in such high esteem is a testament to just how clueless they are.
I'd like to add:
The fact that we still hold the media in such high esteem is a testament to just how clueless we are.
I'd do Greenspan's wife. (Sorry Keith, won't make it a habit...).
ATE-UP
The real culprit is not Greenspan, but the philosophy of Greed that he advocated under Ayn Rand. Atlas Shrugged, The Fountainhead, The Virtue of Selfishness, Anthem, We The Living, Night of January 16th, etc. were all on his shelf at home I am sure. Probably signed 1st editions as well.
I read most of them and they all are self centered, money hungry, wealth accumulation and Godless works that contributed to the downfall of our American life.
Can't get into the site off of IE, so I downloaded FireFox...and yes, Greenspan is a tool. He stayed waaaay too long. I refuse to believe the guy is an idiot, but I simply think people had too much confidence in him and he got cocky with it.
The Mess-tro should rot in jail for his crimes. He perpetrated a giant fraud by pretending to be an economist and by lying before Congress and, basically, every time he opened his mouth during his all-too-lengthy tenure as Fed chief.
Further, the media is a bunch of clowns who are in love with seeing and hearing themselves daily. If any of them is capable of understanding the topics they pretend to cover, they clearly don't bother.
Consider how someone who really understand finance and didn't give a hoot about offending The Maestor would approach an interview with him today. Consider, for example, how Peter Schiff might approach the interview.
Once you think about that, you realize just how lame and worthless the so-called "news" media are.
Thank God for the internet where the truth can still be found if you're willing to look for it!
Keith, see I told you so re can't get on w/o Firefox, etc...!
Fix It!!
ATE-UP
Peter Schiff 2008!
You are 100% correct Mr. Rational.
Nice picture of Frankenstein and his bride.
I just threw up my breakfast.
God, what an UGLY couple.
Funny thing, I lost my breakfast AND my appetite after viewing those shleppen.
Please, make it stop...
PS: Is it possible to block comments from those in prison like ATE-UP. Really, anyone who would 'do' her is a sick individual and needs some sunlight and vitamin D in their diet at a minimum.
Don't worry, it'll all be ok after Obama gives me $1000!
No More UGLY SCARY pictures said...
Like Keith will tell you, we ARE a colorful bunch here at HP!!
Seriously, I am sorry if I offended you.
Greg a/k/a ATE-UP
The man is responsible for three recessions. three market crashes, a stock bubble, a housing bubble, a fiat currency, and the overall destruction of the American economy. The Fed operates in secrecy for the most part, and is autonomous. They are NOT part of the government and NOT subject to any government rules or oversight.
If you want to get a true understanding of what a crook Easy AL is, read up on Paul Volker's comments about him.
Greenspan served the same zionist/Wall Street/Corporate types that the media serve. So the media aren't going to say anything bad about Greenspan. The fact that his wife, Andrea Mitchell, is a top media whore, says it all.
Hey, ate-up
Thanks for reading!
And, you're right about Firefox, etc. I couldn't get on with IE today either.
But, it seems to be working now.
mr. rational
The real culprit is not Greenspan
Nonsense!
It was all his fault, he was fucking chairman of the fed, he was supposed to be responsible for stabilizing financial and labor markets. However, everything he did increased volatility.
Congress have been yes men to lobbyists and he was was a yes man to congress, giving them exactly what they wanted without a second thought of the implications. People are thrown in jail all the time for negligent homicide. I say throw his ass in jail for negligent homicide of America.
RE: The Real Culprit is not Greenspan!
If you read what I said, he IS the culprit because he was influenced by a Philosophy. AKA Ayn Rand
You're Welcome Mr. Rational. Thank you for being so informative. This is what makes us all work together here.
Read Volcker's speech.
Volcker slams US Finance
"Until the New York crisis (i.e. 1970's city bankruptcy), the country had been free from any sense of financial crisis for more than 40 years. In contrast, today’s financial crisis is the culmination, as I count them, of at least five serious breakdowns of systemic significance in the past 25 years – on the average one every five years. Warning enough that something rather basic is amiss."
"It is hard to argue that the new system has brought exceptional benefits to the economy generally. Economic growth and productivity in the last 25 years has been comparable to that of the 1950’s and 60’s, but in the earlier years the prosperity was more widely shared."
In one sense, Greenspan was just doing his job: devaluing the currency. There is a benefit to devaluing a currency, if done well, in that it provides a powerful incentive for people to aspire toward growing their earnings so that they can keep up with inflation, which helps push growth in the economy as a whole. However, the whole system has indeed gone off track as the growth has become incredibly lopsided in the lst 30 years towards benefitting the uber-wealthy (top 1 or 10%) and barely benefitting the majority of Americans, which led to millions of Americans falling behind inflation, which led to increased risk taking with investments and a huge reliance upon credit to keep up with the joneses, whether it be student loans or home loans or credit cards, etc. The whole system is rotten now. There are so many cuplrits and it is all so interwoven that it is hard to pinpoint one true face of the problem. You could point at the GSEs like Fannie Mae & Sallie Mae, you could point at the fake insurance companies like FDIC & MBIA, you could point to the cronyism on corporate boards, you could point at the explosion of lobbyists in DC, you could point at the voodoo economics of Republican politicians, you could point at the poor trade agreements that has shifted our manufacturing base overseas, you could point at Alan Greenspan and the Federal Reserve. It is such a huge systemic problem that mere legislation will never be able to fix it all. What it needs is one giant flush, and hopefully this historic housing collapse is that flush. May we all awake 5 years from now in a much different paradigm, with balanced growth, no more government backed private companies (if Fannie Mae is going to be backstopped by the givernment, then they should be part of the damn government), a renewed manufacturing base, high interest rates (yes, high interest rates so we become a nation of savers again), a dividend driven stock market, and lastly, may Alan Greenspan just be a distant wrinkled memory.
Greenspan should be tried for TREASON, and shot!
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