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Well, actually credit expanded more rapidly than the 4.2 percent rate in 2010 in every single year that Greenspan chaired the Fed. In fact, it expanded more rapidly in every year in this series (going back to 1976) and probably every year since the Great Depression. In other words, for Alan Greenspan night is day, up is down, he is looking at an extraordinarily slow pace of credit expansion and telling reporters that is the fastest on record...
The Alan Greenspan Paradox: Economics From a Parallel Universe ~~~ The Biggest @!$%# In The World
Seeded on Wed Aug 24, 2011 10:20 PM EDT
Article Source: Crooks and Liars- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (7)
There are three things going on with Greenspan, three reasons why I thought it was worthwhile doing that chapter, and doing it in that way. He had a specific role, as a politician, in the sense that he was one of the primary people pushing deregulation—and a specific kind of deregulation—that ended up being a major factor in the crisis. So there was that. Then there was the second thing, which was his role as the head of the Fed, which basically allowed Wall Street to bail itself out every time it got into a speculative disaster. And then the third thing was, he was really a symbol of the kind of mindset, the ideology, that sort of Ayn Randian belief in complete and total deregulation, and the cult of the producer, and all of that stuff.
Ayn Rand the Madonna of Disaster. A Delphic Sibyl for the world of the Dominionist deity. A deregulated financial world is most like a fiscal Bachanalia. They will eat their God.
- 2 votes
#1 - Wed Aug 24, 2011 10:30 PM EDTWell, Matt Taibbi in his book Griftopia calls Greenspan the worst a$$hole in the universe, and then thoroughly backs up this claim. Greenspan's "the market takes care of itself" plus printing out trillions of dollars worth of paper money and keeping interest rates low fueled the white collar crime wave we are calling the Great Recession.
The Fed needs to be closed down and we need to restructure what we want as a real central bank that will prevent recessions instead of enabling them to happen then bailing out the white collar criminals that were responsible.
- 3 votes
#2 - Wed Aug 24, 2011 10:49 PM EDTA voice of reason satisfies a longtime thirst for a little real honesty. These fiscal problems don't just happen. They are the creation of greedy pigs. The problem being that the pigs can buy governments. That's a real problem. The financial compostion of a nation is a labyrinth and at the center is the minotaur. The money greed-beast is our enemy.
- 2 votes
We are a nation that worships money.
Why do you think we commonly refer to it as the almighty dollar?
- 1 vote
What's frightening for me is that during the 50s and 60s my school damned the USSR as Godless Materialists. Why do we not face the fact that we have become a nation of Christian Materialists? I guess that Christianism and Godlessness have become synonymous. The purpose of being, CANNOT be a lot of things owned. That's a game for teens.
- 1 vote
That's exactly what American flavors of Christianity, save the Amish, have become.
Jesus did state that the man who gave up all his possessions in order to help others would receive the greatest reward in Heaven, and that it would be easier to thread a camel through the eye of a needle than for a wealthy man to even make it into Heaven.
Hope the rich enjoyed their bourgeois lives on planet Earth because if there's any truth to the Christian religion, they're all going straight to Hell, especially those who pretended to be Christians.
- 1 vote
If Christ were here there is one thing he would not be--a Christian.
- Mark Twain's Notebook
It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God."
Jesus
- 2 votes
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