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Guest Post: Alan Greenspan Asked For Advice, Do People Ever Learn?
Submitted by James Miller of the Ludwig von Mises Institute of Canada
Alan Greenspan Asked For Advice, Do People Ever Learn?
Unbelievable.
That is the only way to express this author’s utter bewilderment that former Federal Reserve chairman Alan Greenspan is still given an outlet to speak his mind. Actually, I am surprised Mr. Greenspan has the audacity to show his face, let alone speak, in public after the economic destruction he is responsible for.
It was because of Greenspan, of course, that the world economy is still muddling its way along with painfully high unemployment. His decision to prop up the stock market with money printing under any and every threat of a downtick in growth, also known as the Greenspan Put, created an environment of easy credit, reckless spending, and along with the federal government’s initiatives to encourage home ownership, the foundation from which a housing bubble could emerge.
It was moral hazard bolstering on a massive scale. Wall Street quickly learned (and the lesson sadly continues today) that the Federal Reserve stands ready to inflate should the Dow begin to plummet by any significant amount. Following his departure from the chairmanship and bursting of the housing bubble, Greenspan quickly took to the press and denied any responsibility for financial crisis which was a result in due part to the crash in home prices. In his infamous 2009 Wall Street Journal editorial, he had the nerve to blame availability of credit which financed the run-up in home prices to a “savings glut” in Asia. He writes:
[T]he presumptive cause of the world-wide decline in long-term rates was the tectonic shift in the early 1990s by much of the developing world from heavy emphasis on central planning to increasingly dynamic, export-led market competition. The result was a surge in growth in China and a large number of other emerging market economies that led to an excess of global intended savings relative to intended capital investment. That ex ante excess of savings propelled global long-term interest rates progressively lower between early 2000 and 2005.
Sounds convincing right?
Much of the aura of greatness attributed to Greenspan throughout his term as chairman was due in part to the purposefully overly-technical language he used when talking to reporters. Here he utilized the same technique, albeit in a simpler manner, to obscure the Fed’s role in the housing bubble. His explanation falls on its face though when looking at key historical data and by asking the right questions. As University of Georgia economics professor George Selgin documents, Greenspan’s lowering of the fed funds rate, that is the rate banks pay each other to borrow money on the overnight market, coincides with the lowering of mortgage interest rates when taking account for the variable lagging effects of monetary policy:
To put downward pressure on long term mortgage rates, an increased pool of dollars had to be available. If Asian economies experiencing an unprecedented increase in savings were to invest in the United States and provide the financing for reduced mortgage rates, there would have to be an increasing supply of dollars available for Asian savings to funnel into the U.S. And as economist George Reisman brilliantly shows, the “savings glut” argument doesn’t stand when taking into account the following questions and observations:
First, if saving had been responsible, rather than credit expansion and the increase in the quantity of money, there would have been a corresponding decline in consumer spending in the countries allegedly doing the saving. The fact is that there was no such decline.
Second, saving implies a growing supply of capital goods, more production, and lower prices, including lower prices of capital goods and even of land. These are results that are incompatible with the widespread increases in prices typically found in a bubble.
Third, if somehow saving had been responsible for the housing bubble, the spending it financed would not suddenly have stopped. Such stoppage is a consequence of the end of credit expansion and the revelation of a lack of capital.
Fourth, if large-scale saving rather than credit expansion had been present, banks and other firms would have possessed more capital, not less. They would not be in their present predicament of having inadequate capital to carry on their normal operations. This situation of insufficient capital is the result of malinvestment and overconsumption, which are the consequences of credit expansion, not saving.
Fifth, in the absence of increases in the quantity of money and overall volume of spending in the economic system, saving also implies an immediate tendency toward a fall in the economy wide average rate of profit. This is another result that is incompatible with what is observed in a bubble or boom of any kind, which is surging profits so long as “the good times” last.
It should be perfectly clear at this point that Greenspan holds the majority of the blame for the housing bubble. And yet many financial media outlets still see the former central banker as a type of guru on global economic affairs. Sure enough, Greenspan headed the institution predominately culpable for the state of the global economy. The Federal Reserve’s monopoly over the supply of the dollar, still the world’s reserve currency, means its policies often have repercussions on a grand scale.
Recently in the Financial Post, Greenspan was interviewed and offers some thoughts on the Eurozone crisis and what path should be followed to rectify the ongoing sideshow.
Q. So what is the possible outcome?
A. At the moment, northern Europe finances southern Europe. There is tax evasion and illegal commerce in Greece, Italy, Portugal, Spain. The European Central Bank is printing money to finance all the shortfalls in fiscal deficits of southern Europe. This has to stop at some point and when it stops, you are going to have a major confrontation of the euro and all countries will have to make a fundamental choice. The only resolution is political union of the eurozone countries.
For a supposed free marketer, it’s awfully strange that Greenspan would regard tax evasion as a bad thing. Money not forcefully plucked by the highway robbers occupying the public offices of the PIGS is better used in the private sector where consumer needs are satisfied; not political ones. It stands to be reckoned that tax evasion is actually playing a significant part in keeping the economies of these heavily indebted countries afloat. As I have noted before:
Tax evasion is typically listed as a “problem” for Greece- economist Martin Sullivan calls it “disrespectful”- but evasion is only a problem if one considers the person who flees from a mugger a problem for the mugger himself.
Greenspan really lets his statist side show by calling for political unionization as the only feasible solution. Though it is true that monetary unions have never survived unless united politically, Greenspan treats a break up as out of the question when the EU is indeed breaking up before the world’s collective eyes. The debts are too high and no politician in either country seems willing to take the necessary steps to rollback the welfare state and spending. Crying foul over brutal austerity measures has become all the rage despite the fact that no real austerity is taking place. The economic truth that you can’t spend what you don’t have is being ignored by the ruling class as the citizens of the PIGS keep buying into the fantasy that their elected and appointed leaders are truly looking out for them.
Greenspan’s advocacy of a European political union is demonstrative of his bent toward overall centralization of power. No man principled enough to believe in liberty and free markets would ever utter such nonsense.
Greenspan is then asked point blank over his alleged belief in the ability for the market to correct itself in lieu of government regulation.
Q. You mentioned in 2008 at a Congressional hearing that you had placed too much faith into self-correction on the part of markets, so do you think the new regulations will protect the public?
A. It’s doubtful. I was on the J.P. Morgan board where we were acutely aware of maintaining our credit rating and how important that was. I thought all banks thought that way and they would be the best protectors, but I was mistaken. A number of banks allowed significant contraction of capital and indeed, towards the end Bear Stearns had 3% capital, unheard of in a banking system. I’ve had to change my view and you cannot count on bankers to protect their own equity. This is why I’m strongly supportive of higher regulated capital requirements now.
Again, Greenspan ignores how his actions affected the decisions of major banks to overleverage themselves. From the tech boom and bust to the housing bubble, Greenspan gave a clear signal to the banking system that he would be there to save the day with the printing press should it find itself much too leveraged to sustain a turn for the worse. This precedent dates back to bailout of Long Term Capital Management as popular financial blogger Barry Ritholtz explains in his great book Bailout Nation:
Of course, that’s not how Greenspan saw it. The failure of LTCM would have had a very negative impact on psychology. Woe to the Fed Chair who allows traders to become morose! That was how Mr. Atlas Shrugged rationalized the intervention. (Thank goodness Ayn Rand was already dead).
Whether that would have turned out to be true is a matter of much dispute. The evidence leads me to surmise that not only would LTCM’s demise not have caused the system to collapse, it would have done a world of good.
Had LTCM been allowed to fail naturally, perhaps a lesson might have been learned: risk and reward are each sides of the same coin. Alas, it was a missed opportunity for the traders and risk managers at major banks and brokers to learn this simple truism. The parallels between what doomed LTCM in 1998 and forced Wall Street to run to Washington for a handout in 2008 are all there, and the significance of these missed opportunities are now readily apparent.
Ritholtz unfortunately makes the same mistake the interviewer at the Financial Post did in attributing Greenspan’s belief in the unfettered market to influencing his decision to bailout private companies that made bad bets. True capitalism is about profits and losses; no matter the contagion effects. Engaging in bailout after bailout demonstrated the exact opposite of what is often ascribed to Greenspan; that he was not a defender of free markets but someone who headed the greatest state-authorized regulatory body in the world.
Much like he does on all of these matters, Murray Rothbard had Greenspan’s number even before the tech bubble. Writing in the Free Market in 1987, Rothbard hits the nail on the head:
Greenspan’s real qualification is that he can be trusted never to rock the establishment’s boat. He has long positioned himself in the very middle of the economic spectrum. He is, like most other long-time Republican economists, a conservative Keynesian, which in these days is almost indistinguishable from the liberal Keynesians in the Democratic camp.
As an alleged “laissez-faire pragmatist,” at no time in his prominent twenty-year career in politics has he ever advocated anything that even remotely smacks of laissez-faire, or even any approach toward it. For Greenspan, laissez-faire is not a lodestar, a standard, and a guide by which to set one’s course; instead, it is simply a curiosity kept in the closet, totally divorced from his concrete policy conclusions.
Thus, Greenspan is only in favor of the gold standard if all conditions are right: if the budget is balanced, trade is free, inflation is licked, everyone has the right philosophy, etc. In the same way, he might say he only favors free trade if all conditions are right: if the budget is balanced, unions are weak, we have a gold standard, the right philosophy, etc. In short, never are one’s “high philosophical principles” applied to one’s actions. It becomes almost piquant for the Establishment to have this man in its camp.
Greenspan’s advocacy of laissez-faire is nothing but a mythical trait evoked to tarnish those who believe in actual free markets. Because of Greenspan’s inept leadership, Keynesians, politicians, and the like can paint the uninhibited market as unstable and subject to huge failures when actual capitalism hasn’t been attempted in the U.S. in over a century. And even then the free market wasn’t allowed to prevail due to regulation at the state level and legal tender laws.
Greenspan was never a believer in the freedom of the market. His adoration of capitalism was a disguise for his real motive to be chief regulator. That’s why, when asked what keeps him up at night, he answers “What could go very wrong if the euro busts up.”
The answer is nothing could go wrong when considering the long term. The breakup of the euro would go a long way in fixing the damage done by fiat currency and the central banks which provide it.
In a just world, what would ensure Greenspan’s sleeplessness at night should be the prospect of hordes of pitchfork-armed, disgruntled unemployed waiting to take out their frustration on his disastrous tenure as head of the Fed. Instead, he frets over the breakup of the Eurozone which is coming regardless of decisions the buffoon technocrats come up with to keep the party going just long enough to cash out on their respective government’s dime.
The fact that he is the keynote speaker at the upcoming International Economic Forum of the Americas/Conference of Montreal shows just how clueless the participants at such a forum are. Taking his advice will only lead the world into further monetary chaos. Rather than a valiant defender of the market, Greenspan championed money printing, otherwise known as counterfeiting in any other industry, as the perfect vaccine for economic ills. His greatest accomplishment was selling the world Keynesian snake oil wrapped in an articulate package. He got out of the house of cards before it tumbled beneath the feat of his successor who is following the Greenspan rulebook to a tee.
Publications that seek Greenspan’s advice show their true ignorance of the financial crisis and its foremost cause. Given his track record, it’s a safe bet that anything the former Fed chairman recommends will benefit the establishment and banking sector over the general public.
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Regarding the Clinton surpluses: It was said that the US was on the road to paying off the national debt. Greedspan nearly had a heart attack in public. Fortunately 'W' came along and fixed all that.
Ah yes, the surplus. I remember that six month period. I remember the announcement of a surplus based on hideously inflated valueless internet bubble stocks and IPOs, and all of the politicians suddenly lining up to spend spend spend on every snake oil Chinchilla ranch nonsense for their district to get the spineless whores back in office.
And then the market bubble burst...
"And then the market bubble burst..."
And 'W' slashed taxes, while greatly increasing military expenditures and not cutting anything else. Then Greenspan needlessly cut rates to zero and left them there.
Whatever the heritage, race, nationality, or creed of the criminals...jail all of the SOBs.
He served his clients well. It's a pity that the people of America were not amongst them.
No, they were not the client, they were the product he sold.
Arrest and jail that creature before it dies of natural causes.
Classic! Nice post! I was thinking along the lines of ( Maria Shiavo's) Feeding tube.
It is not as simple as one man setting a policy.
http://www.youtube.com/watch?v=C_zo0FiNheI
Rob a bank you get: 30 years in federal prison.
Steal from every consumer the world over through inflation you get: Money, power, respect and a soapbox whenever you want one to spin your theft and greed.
The 0.1% think highly of him.
After he passes on, their plan is to present him as a hologram at future NWO economic summits -- the perpetual "Irrational Exuberance" tour.
The Key to Fixing the Housing Market?
Buying and burning homes was the low cost option, but not a viable plan, said Alan Greenspan. Discussing the government’s role in fixing the housing market, with Dan Greenhaus, BTIG chief global strategist.
http://video.cnbc.com/gallery/?video=3000050025
Charlie Rose – Alan Greenspan interview
http://www.charlierose.com/view/interview/11738
Like they say, give a man a gun and hevwill rob a bank. Give him a bank and he will rob the world. Alan had the best best bank to do it with.
Most people with guns are pretty responsible, actually, so perhaps this version -
Give a criminal a gun and he will rob a bank
Give a criminal a bank and he will rob the world
Greenspam mumbled that no one understood him anyway. Was he sucking on Conni Chung?
Let emknow when Greenspan kicks the bucket.
Green span? FIAT! Alan Greenspan will die when(XAU) takes over! BTFD 1540-55
Don't old Jewish gangsters ever die? Geez, cancer, heart failure, stroke, drop already! WTF, cocksuckers don't or Won't die!
You forgot one thing. Ask me? I dare ya. You will laugh you're ASS off!
Bankster Power
http://lewrockwell.com/paul/paul804.html
I wonder if alan greenspan played the best hand he could
With the entire third world pegging unfairly low to the dollar we were slowly being drained of our industrial infrastructure. The loss of manufacturing and even service jobs might have happened even faster if he had kept interest rates higher and the dollar strengthened further
If the international trade system were unsustainable would it be better to crash it early while we still had some industrial infrastructure left?
Just thinking out loud
Guess everybody thinks of himself or herself as victim. Third world countries have to earn dollars to buy commodities for their own consumption and hence they have to compete for our business (whereas we get USD handed to us for pretending to work). We own the reserve currency and hence by it's very nature we have to run a constant trade deficit to allow others to earn dollars. If we had a bilateral trading system, we would never have enjoyed the free ride that we have had for the last 40+ years.
I had just finished shaving my ass when the phone rang. I turned to look at the pile of stuble on the bathroom floor and realized it was an exact likeness of Alan-G. I reached for the phone when…
Ok you twisted ZH bastards… finish the story. I've got a silver Grizzly for the best finish. Best finish will be determined by green arrows. I will pay the mailing cost within N. America.
Damn...I was with you all the way to the last couple paragraphs and then you wrapped it around a telephone pole.
Pretend it was a speech, and by the end everyone was screaming with passion or weeping in ecstasy.
I wonder if it really isn't Alan's fault, that, put quite simply, all empires do this, he was just on watch to enact his role at the right time (wrong time) is all? Nothing special, nothing evil. Structually driven to make bad choices...
I respect your input! You may want to re-think your post. /post/facto?
No I've wondered about that as well. I've only met a few people in my life who I would consider evil in the sociopathic sense (even among those that work on Wall Street) and I find the actions of most geared towards sustaining their own world view and their particular place in that world (which I realize sometimes leads to evil). Very few can step back in order to see beyond their own backyard (seems to be a somewhat larger proportion on ZH which is what first attracted me to this site). But Greenspan seems smart and I'm guessing can or could see the bigger picture but chose to ignore it.
But tonight I'll dance to joy division and raise a glass to the ceiling: http://www.youtube.com/watch?feature=player_embedded&v=zBVfD7qCQnI
Greenspan is over rated, and Back yards, aren't in vogue. I get) The EVIL Part!
I'll conjure thoughts all day! That sociopathic, sentence really gets' me!
Sociopaths are not in the business of long-term planning.
The Sociopaths in control yesterday are seeing the fallout today...
They may declare it (the fallout) to be just fine, or they may find it otherwise -- and the blame certainly lies elsewhere.
So then, we shall go 'round and 'round 'til we can no longer, all the while entertaining the whims of the Sociopath...
Truth is we are all sociopaths of varying degrees. Else we would need to be like Mother Theresa or Buddha.
Hate to be a killjoy, but you might want to bone up a bit on Mother Teresa's racket. http://www.youtube.com/watch?v=9WQ0i3nCx60
Shit, that image... I'm gonna have nightmares for weeks!
DUh,
Degrees of debt: Soaring college costs hobble a generation
http://www.msnbc.msn.com/id/47400500/ns/business-us_business/
Man, the "First World" is a f...ing nightmare. We've had free schools and universities from the beginning. Is there any tinny little thing left for free, up there? Capitalism sucks, we all know that, but finantial capitalism is criminal.
The simple factual/ quotent. END the FED!
The caricature...I've seen that face before...Oh yea, he starred in the cult classic "Killer Klowns From Outer Space".
Bad saxophone player, even worse central banker.
F#, sharp>
Alan Greenspam + Helen Thomas = world's ugliest baby!
SUBPRIME/ subprime? That chart is a hoot!
Why Tyler? Planes , Trains, Automobiles.
Personal example: after 2001 terrorist attacks nothing but "spending is patriotic".
Buy, buy, buy to save the country.
Took out an ARM home equity loan to keep the house and give Ex. half the equity in homestead.
Not too many years after Greespun and the Wizards of the FED and wall street ramp up rates and squeeze every patriotic American who was sold a home equity loan.
More and more and more each month to the banks.
Surprise! Come 2007-2008 the shit hit the fan and all those pushy happy-flag buy the boom patriotic slogans were replaced with bigger and bigger payments until the ponzi collapsed.
What the fuck did you think was going to happen when you repealed Glass-Steagall and told people taking a loan and spending was patriotic you potatoes!?!?
I've paid it, paid it all but many couldn't. Fucking leeches. Front loaded mortgages, monkeying rates to favor bankers, then bailing out the wankers, the fuckshites, so they could do it all over again 2008-Present.
Hangings are all that are appropriate.
At/least some one has a brain! Thanks ebworthen, AKA ( SMART)!
Iwant to vomit when I see the words of greenspan in print, and have written the ft telling them so. another piece of shit that getys press time is larry summers. In addition I have written to the ft on that matter as well. Their only claims to fame are working the buddy/ buddy system.
As I say at least in a communist country these people would be sent out to pasture for the ffailures, or put in p[rison. In the fake theater we call the usa these disasers keep being put into levers of power. We can add Rubin to the mix as well as geithner. Bernake ws there along greenspan as well. I find it strange that the very people who casued the mess are still in effect in charge. it's why we don't have a recovery and why there is no reform. their motives are to keep the system that gave them wealth and power and cover up their erros, not fix them.
Greenspan likes to blow bubbles. So to does every child.
So did Michael Jackson
Why would anybody take advice from someone that in the wake of the subprime mortgage and credit crisis in 2007, Greenspan stated that there was a bubble in the US housing market, warning in 2007 of "large double digit declines" in home values "larger than most people expect". However, Greenspan also noted, "I really didn't get it until very late in 2005 and 2006."
Even Time magazine placed him third on a list of 25 people to blame for the financial crisis
Frederick Sheehan does a great hatchet job on Al: Chairman Greenspan: A Fiat Mind for a Fiat Age here's his speech in three partshttp://youtu.be/OnrY2mJL-fU
http://youtu.be/EjYaUFjb_4I
http://youtu.be/lvCQHQ4qzik
Awesome lecture - thanks for posting it.
He's senile, he dribbles inane obscure crap down his chin, he has no clue about anything in the real world or how economics works... who is he?
Mr Greenspan ...or any ex-member (tool?) of the Feds Board of Governors
Thanks for the James Miller link. Amazing that there really is no austerity going on. Who'da guessed?
Dear God
thank you for the MSM morons still interviewing Barl Ben's mentor Lucifer Greenspan. The faithful are still stacking. and please take care of Ben & his printer.
Amen
slackrabbit
ps can we have furious vengeance for Brooksley Born
Ah yes, Greenscam, 'The Master of Disaster'. He must be very proud of the $707 'T' OTC Notional that litter the global economic landscape.
tic...tic...tic...
The problem isn't just Greenspan but a free market capitalist economy, which through deregulation led to more than $600 trillion in unregulated derivatives. And it wil not matter what he says as the global economy has been run for some time by powerful banks:
"Revealed – the capitalist network that runs the world"
http://www.newscientist.com/article/mg21228354.500-revealed--the-capital...
And Wall Street did not "learn" anything about the Fed because Wall Street owns the Fed.
Men who think this is a free market capitalism need to have their balls removed. These idiots can't be allowed to breed any longer. The world is teetering on the brink. We need more intelligent people to bring us back from the precipice.
Shocking news, but with their resources depletion angle, US citizens have made of this trip a one way ticket. No turning back.
AnAnonymous said:
Yes, and the travel agent that arranged the trip and financed it was the Chinese citizenism regime.
Good luck trying to collect on that bill. All you'll get are unredeemable traveler's checks.
But hey, it had to be this way, because jumping on every bandwagon is part of the eternal nature of Chinese citizenism.
Greenspan favors a political union of all the European States...
Gosh, Mr. Techno-Double-Talk, who do you think should rule this European Super State?
What a stupid article. If it wasnt greenspan it would have for 100% certainty been someone else doing the same or even more destructive things.
In hell, he will live alone in a cardboard mansion, himself and a few hundred incessantly mewling cats, meandering the halls while spouting incomprehensible technical language pertaining of the need to decrease aggregate demand for cat food. Meow!
'Towards the end Bear Stearns had 3% capital, unheard of in a banking system. I’ve had to change my view and you cannot count on bankers to protect their own equity. This is why I’m strongly supportive of higher regulated capital requirements now.' -- Greenspan the Fool
Unheard of, you say? This week's H.4.1 report from the Federal Reserve shows $75.82 billion in capital supporting an asset pyramid of $2.906 trillion, making for a 2.6% capital ratio. And that's with some junk assets valued at purchase cost, not marked [read 'haircut'] to market.
http://federalreserve.gov/releases/h41/Current/
Greenspan is so gobsmacking ignorant that he doesn't even read the reports created by his own failed institution. Probably it would tire out his lips to do so.
Why does this deracinated useless eater continue to pester decent people with his deranged, nonsensical farrago of lies?
Hurl his sorry ass into a volcano to appease the angry gods, and do it quick before the markets open on Monday!
These people and greenspan knew what they were doing and appear to be still driven by that same agenda (sorry but it looks like some of the "conspiracy theorists" were correct!!). It's common for these criminals to be hosted by universities, conferences, and "summits". Look how a war criminal like Condo Rice works the circuits and has speaking engagements lined up perpetually with Universities (Even high schools let this bull dog around their children).
They opened the spigots to lure people in, then shut them...then they re-regulate everything after they have looted everything (These guys are immune to looting laws it seems). At the end of the day it looks like the ultimate goal has always been a consolidation of power.
The one way to stop this is a major boycot: Withdraw your money, stop applying for loans, and most of all Stop paying any loan you have to one of these banks that is involved with this treachary. Of course, that would require most people's participation, but that won't happen because most people want to please their abusers and masters.
Greenspan is senile, but the fact that he was engineered into the Fed under Reagan after his role in Charles Keating's battle with FHLBB shows how corrupt the Us really is.
Look at Wikipedia
Keating had taken several aggressive measures to oppose the FHLBB, including recruiting a study from then-private economist Alan Greenspan saying that direct investments were not harmful,[66] trying to hire FHLBB members or their wives,[54] and getting President Ronald Reagan to make a recess appointment of a Keating ally, real estate developer Lee H. Henkel Jr., to the FHLBB.[66] By March 1987, however, the ally had resigned upon news of his having large loans due to Lincoln.[66] It appeared as though the government might seize Lincoln for being insolvent.[67]
Starting in January 1987, Keating looked for help from what became known as the Keating Five: U.S. Senators Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald W. Riegle (D-MI).[70] Keating had, or would soon make, legal political contributions of about $1.3 million to the senators, and he called on them to help him resist the regulators.[71] Keating had become a personal friend of McCain following their initial contacts in 1981,[72] and McCain was the only one of the five with close social and personal ties to Keating.[73][74] McCain and his family had made several trips at Keating's expense, sometimes aboard American Continental's jet, for vacations at Keating's opulent Bahamas retreat at Cat Cay.[67]
Read how Greenspan was Advocacy for Hire to peddle whatever he was paid to peddle then recall MIchael Hudson's little commentary
http://michael-hudson.com/2012/05/firing-alan-greenspan/
It is all so pathetic....the endemic corruption at the heart of the politico-economic system
It gets frustrating to read and watch this stuff happen because nobody is doing anything to stop it. No leadership...which gives the criminals the leverage to take and keep control.
I am paying my loan back. It is unsecured and they probably can't touch my pension income but I agreed to pay them back.
Thanks for the excellent picture of this miscreant,
It helps us note the gap between what is actually seen (and is a reflection of his actual results), and the image of this person portrayed non-stop by a bankster-owned MSM that we now clearly see has always been nothing other than the Public Relations unit of the bankster-owned Fed and the bankster-owned central banking system they've used to gain control over the finances of all the once sovereign nations of the West.
Why do you think the banksters OWN the "media"? If no one calls Alan Greenspan, BS Bernanke or Tim Geithner deeply fucked-up, in-bred, neurotic Khazarian morons who can't balance their own checkbooks on TV, how would we know? By the same token, if the same defective pieces of human flotsam are touted instead as "Ashenazi Financial Geniuses" by the MSM, look at how many dumbed-down goyim idiots actually believe such obviously incorrect disinformation designed to decieve them into believing the Death is really Life. Edward Bernays, a true genius, taught 'em how to sell it. Credit where credit is due, they the learned their lessons well.
Now we understand that it was in their own interests to do all this. But now we also understand how deadly their interests are to our own. Realizing the gravity of their impending plight, the anger and scorn of many will soon be directed at the owned media and some its best-known talking heads. By the Fall, no one will be listening to them. And many of them will be running for their very lives.
Media Traitors, hear this loud and clear: enjoy your final Summer in the piggy lifestyles you've come to know. Party's over bitchez, and soon.
Guck Freenspan.
The financial leaders of the world never had and never will have the welfare of the masses as one of their concerns. The 19th century social reformer, Frederick Douglass, sums our options up quite well:
“Power concedes nothing without a demand. It never did and it never will. Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them, and these will continue till they are resisted with either words or blows, or both. The limits of tyrants are prescribed by the endurance of those whom they oppress.”Greenspan is a fuck. I still remember his comment when quizzed about the coming mortgage tidal wave "I see some froth". Bullshit. He was the enabler of the wreck that is now the U.S. economy. In a perfect world he would be in prison.