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Even Greenspan Knows We’re Screwed

Phoenix Capital Research's picture





 

 

In case you
missed it, Alan Greenspan just set a new world record for hypocrisy stating
that the Fed’s stimulus has had little impact on the US economy.

 

As a brief
reminder, it was Alan Greenspan who created both the Tech and the Housing
bubbles by maintaining loose money policies. It was also Greenspan who helped
Wall Street to dismantle regulation related derivatives, leverage, and more.

 

Put another
way… pretty much every single problem with the financial system today was
created or at least greatly aided by Alan Greespan and his policies. And if you
think Greenspan was just an ignorant dupe, you should consider that as early as
1999 he stated in private that derivatives could “implode” the market.

 

So to see
Greenspan now criticizing Bernanke’s moves is beyond astounding. Don’t get me
wrong, I’m not in any way defending Bernanke. I’m just saying that it’s odd to
see Greenspan criticizing someone who did the EXACT same things Greenspan
himself did.

 

Regardless,
Greenspan’s statements (he also said Greece will default) tell us quite a few
things about the Fed:

 

1)   The
Fed is a political entity and as such politics, not economics or finance
determine its decisions

2)   The
Fed is aware that it is incompetent but is beholden to the Wall Street banks

 

Regarding
#1, Greenspan’s sudden move to start stating the obvious, after years of
presenting rambling nonsense defending Wall Street, reveals in plain terms that
those who run the Fed are essentially political lackeys who operate on behalf
of Wall Street.  They are not
regulators, nor are they actual policy makers. They are politicians who act as
front men for the big banks, presenting a friendly face for Wall Street’s
rampant greed and corruption.

 

Which brings
us to point #2, for Greenspan to note that the Fed’s actions have accomplished
next to nothing makes it clear, beyond any doubt, that those at the Fed are
aware that their policies are futile. Bernanke himself has even hinted at this
in a recent press conference in which he stated that the Fed didn’t understand
why the economy wasn’t improving.

 

The take
home point with all of this is that the Fed is in fact powerless to address,
let alone fix, the Financial Crisis that began in 2007. Indeed, the Fed’s key
role in creating it was to let Wall Street dictate the Fed’s moves. And now
that the Fed is supposed to solve the
Financial Crisis, we’re finding out not only do they have no clue how to do it,
but they’re even aware of this fact.

 

Which brings
me to my final point: the Financial Crisis of 2008 is NOT over. In fact, that
whole disaster was just a warm up for what’s coming down the pike. Indeed, the
Fed is fully aware that it hasn’t solved anything. All it’s done is print
money, which has made the Financial System MORE leveraged than it was during
the Tech bubble and created inflation in food and energy prices.

 

Folks, when
your answer to a problem is to aggressively pursue the same actions that
created the problem there’s only one thing that will come out of it…

 

DISASTER.

 

If you’ve
not taken steps to prepare for the coming Crisis, you can download my FREE
report devoted to showing in painstaking detail how to protect yourself and
your portfolio from the coming ROUND TWO of the Financial Crisis (round one
wiped out $11 TRILLION in wealth).

 

I call it The
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Again, this
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and click on FREE REPORTS.

 

Good
Investing!

 

Graham Summers

 

PS. We also
offer a FREE Special Report on the inflation situation in the US. This other
FREE Special Report, The Inflationary
Disaster
explains not only why inflation is here now, why the Fed is
powerless to stop it, and three investments that absolutely EXPLODE as a result
of this.

 

All in all
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To pick up
your copy today, go to http://www.gainspainscapital.com
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Sat, 07/02/2011 - 00:43 | Link to Comment dollarmite
dollarmite's picture

"The Fed is aware that it is incompetent but is beholden to the Wall Street banks"

The Fed beholden to the Wall Street banks? The Fed is made up of the same Wall Street banks.

Oxymoron, or just plain moron?

Fri, 07/01/2011 - 22:40 | Link to Comment grunk
grunk's picture

Greenspan kept the tech bubble ---> housing bubble floating because he felt guilty about trashing 41's re-election bid.

Ayn Rand's Judas Iscariot.

Fri, 07/01/2011 - 19:56 | Link to Comment Zero Govt
Zero Govt's picture

Greenspan is clearly senile with the memory of a Goldfish... whereas Bernanke is sterile with the memory of a Goldfish... important in the CV's of Fed Chairmen so that you can't remember your last 17 predictions were all completely wrong while you deliver your next 'winner' with a dead pan serious demeanour (while all about are rolling on the floor)

...remember "downgrading our forecasts" is Fed-speak for "We're adjusting our delusional fuck up of a forecast closer to reality so we don't look so fuking delusional when reality arrives"

Fri, 07/01/2011 - 19:42 | Link to Comment Henry Hub
Henry Hub's picture

*Graham Summers*

Is this guy any relation to Larry Summers?

Fri, 07/01/2011 - 18:54 | Link to Comment DavidC
DavidC's picture

Er, yes, this is the same Alan Greenspan who said, in a TV interview a couple of months ago about the housing crisis and his (and the Fed's) response to it (lowering interest rates) 'Prove me wrong'.

DavidC

Fri, 07/01/2011 - 18:08 | Link to Comment Charles Wilson
Charles Wilson's picture

BTW, "StealthStocks.com" sees a possible collapse at the end of January, February, March, April, May, June, July or next month, August, or by the end of the year if the ad has the suit dummy's picture.

 

The report is free!

 

CW

Fri, 07/01/2011 - 15:47 | Link to Comment rontheman
rontheman's picture

Fed are essentially political lackeys who operate on behalf

of Wall Street ?  What about their stock holders in Europe ?

German and Italian banks (Vatican). The Fed is a corporation with 

stockholders, they are beholden to them isn't it understood the 

Fed can go bankrupt ? 

Fri, 07/01/2011 - 15:17 | Link to Comment MrBoompi
MrBoompi's picture

The Fed is not a political entity per se. It is a private bank owned by the world's elite. It just so happens these very people run government policy as well, so it's not a stretch to say the Fed/US Government is a marriage made in hell.

One cannot exist without the other, until Congress takes back its Constitutional duty to coin its own money.

Fri, 07/01/2011 - 14:47 | Link to Comment SparkySC
SparkySC's picture

And here I thought I was going to be able to buy a Garden Weasel.

Crap. A book? Who needs another book.

I need something to grow food with.

 

Fri, 07/01/2011 - 14:36 | Link to Comment White.Star.Line
White.Star.Line's picture

Of course Greenspan knows we are screwed.

Who better than the "Maestro" to know how the music goes.......

Fri, 07/01/2011 - 14:15 | Link to Comment davebrik99
davebrik99's picture

Alan Greenspan is totally blameless for all the Feds  mistakes.  I heard it on MSNBC  from Andrea Mitchell.   That Andrea Mitchell is married to Alan Greenspan in no way affects her reporting!...............but he's a DICK!

Fri, 07/01/2011 - 14:05 | Link to Comment DutchSucker
DutchSucker's picture

Please read articles at roadtoroota.com

Things are not what they seem :-)

Fri, 07/01/2011 - 14:05 | Link to Comment Dr. No
Dr. No's picture

In case you missed it, Alan Greenspan just set a new world record for hypocrisy stating that the Fed’s stimulus has had little impact on the US economy.

Part of Greenspan's job is to maintaing the lie that the FED is looking out for the US economy.  The FED looks out for the biggest banks and does what is good for them.  By talking about the FED and the economy in the same sentance, GreenSpan is doing his job of word association.  Why do you think the FED has a dual mandate??  The dual mandate gives them more flexibility to help the biggest banks.  Think about it, with a single mandate, high inflation would require raising of rates. period.  With a dual mandate, the FED can continue to pump money into the Fat Cats in the face of high inflation and ration it as "trying to help the economy".

Fri, 07/01/2011 - 14:15 | Link to Comment NotApplicable
NotApplicable's picture

It's only hypocrisy if one is dumb enough to believe what he implies. What he says, on the other hand, is just as you point out, word association (and nothing more). He certainly is a true Maestro, in meaningless sophistry.

It's interesting how much meaning a listener can add merely through their own beliefs. As a speaker, if you truly know your audience, you can tell them everything they want to hear without formulating a single idea in your speech.

Fri, 07/01/2011 - 13:52 | Link to Comment VyseLegendaire
VyseLegendaire's picture

This isn't news. 

Fri, 07/01/2011 - 13:48 | Link to Comment honestann
honestann's picture

Yes, it is a bit self-serving, but I hadn't heard about these comments from Greedspasm.  What is the source of those comments, so I can read them myself?

Fri, 07/01/2011 - 13:47 | Link to Comment SwingForce
SwingForce's picture

WTC7 it.

Fri, 07/01/2011 - 13:48 | Link to Comment Let them all fail
Let them all fail's picture

Tyler - If you are to allow this contributor on your site, please ask him to drop the infommercial at the end....thanks.

Fri, 07/01/2011 - 13:49 | Link to Comment SwingForce
SwingForce's picture

Contributor means those who contribute via the donation tab on left. Readers & Commenters are allowed to use it too. Try it, good things happen, its cool!

Fri, 07/01/2011 - 13:32 | Link to Comment jsavage
jsavage's picture

wolf, wolf, wolf,  buy my book!

Fri, 07/01/2011 - 13:30 | Link to Comment MiningJunkie
MiningJunkie's picture

I am sick of this infomercial week-in, week-out...Big Al gave us a RIP-ROARING trade in commodities as did Bennie and it made me a fortune even since 2009! Even all of my trashed juniors from 2007-2008 hit record highs in 2010-2011! I thank Benji and Al for the money-printing exercises that lifted the CRB and long for QEIII's beginning!

Long live Bennie and Al!

And I don't need no stinkin' Survival Kit.

Fri, 07/01/2011 - 15:45 | Link to Comment scopelabs
scopelabs's picture

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Fri, 07/01/2011 - 15:30 | Link to Comment nohweh
nohweh's picture

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Fri, 07/01/2011 - 13:26 | Link to Comment snakehead
snakehead's picture

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