Hell of a Job Chimpy!

Little late for the truth now, isn't Alan?

Alan "Rainbow with a pot of gold right around the corner" Greenspan has egg on his face.

Greenspan said that he hoped the fallout would not take away the finance industry's ability to regulate itself. Market flexibility and free competition are the most reliable safeguards against economic trouble, he said; the system which is supposed to guard against unanticipated losses will need to be overhauled.

The self retorting retort at its best.

Please don't regulate us for us destroying the economy, we are just out to get fast profits and that type of greed is good for us and doesn't matter if it ruins millions of Americans.

Maybe the key function of a president is to protect us from the corporate shit that creates the current depression - rather than be a part of those forces. I hope that those forces let democracy work so we can replace the incumbent with one who takes his obligations to the less fortunate seriously. herm

But hey, Alan kept that great "Bush Economy' going for six years or so. I told y'alll it was smoke and mirrors based on equity created by low interest rates. Why anyone would listen to what this criminal has to say now is beyond me. He should be behind bars...or worse. Hanging is not too extreme.
BTW, our trading partner who enjoys MFN status and who has cost us jobs and $$$ would already have executed someone who held Greenspan's position and allowed such a disaster to occur.

Alan you asshole you are complicit in this. Just because your policies did not manifest themselves into this recession while you were in charge you nonetheless laid the foundation for it while you were at the fed.

You need to shut the hell up now. Your time in the spotlight is over. Go write another book.

Alan is an old moron that wanted/did run the country.

Alan Greenspan in 1962.

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.

Alan is an old moron that wanted/did run the country.

You know a person's favor goes in and out with the lefties. First AG was a hero for saving the economy from a major recession after 9/11. Then he went out of favor because all these idiots and idiot lenders and the subprime thing. Then he was back in favor when he said that the Iraq war was about oil. Then he was out of favor when he said his words were misintepreted. Now (presumably) he's back in favor with the lefties since he is talking about the horrible economy -- which the lefties fairly drool over themselves hearing because it makes the current administration look bad.

Just wait a few weeks and the leftie's hero du jour will be their bete noir.

Ray,

What do you think the chances of confiscation are in the event of an economic collapse? Its not like you can hide it now that all gold (and other metals i suppose) transactions are reported to Homeland Security.

"Then he went out of favor because all these idiots and idiot lenders and the subprime thing."

No that is not when he went out of favor, it was when he endorsed the totally irresponsible tax cuts for the rich, first tax cut in a time of war in our history which have, at least, contributed to the increase of the debt which is a part of the problem with the economy today. Then he DISHONESTLY pretended that the economy was "growing" because of those tax cuts all the while keeping interest rates extremely low thereby creating the growth of home equity which fueled the Bush economy. He is reviled because he played the economy to benefit the wealthy. His irresponsibility is costing many people their jobs, homes, lives while the wealthy folks he helped cruise on their super yachts. BTW, living here in Ft. Lauderdale, that's one thing you really do get to see. They are simply amazing, you have to see it to believe anyone can be that fucking rich. Oh, then drive up to Palm BEach and see the mansions. They keep them well hidden behind hedges and walls but still the class envy is palpable there.

Danni, I'm using the DR contributers as my point of reference. They fit the model I described.

Belatedly endorsing the Bush tax cuts, when he really didn't have to, was crazy. Now he has Andrea Mitchell to keep him a little more cynical about Republicans and their greedy ways....

Danni, I'm [selectively] abusing [a few of] the DR contributers as my point of reference. They fit the model I invented.

Posted by goatman at 2008-03-18 09:41 PM

Just thought I'd clarify...

The point man for the Reaganomics pyramid scheme has something to say? Who gives a shit? Greenspan's legacy as an incompetent bafoon is sealed.

Incompetent or diabolical. The heaviest concentration of wealth at the top in 100 years has occurred during the past seven years. That was no accident. If the Iraq war would have worked out the way the neocons thought their economic policies would have had a far different outcome. Unfortunately they were incompetent idealogues and Greenspan went along with them.

If the Iraq war would have worked out the way the neocons thought their economic policies would have had a far different outcome.

No it isn't working out as they believed it would. They believed there would have been deals made to allow American Oil Companies to have PSAs which would allow them to explore and develop Iraq's oil fields and begin pumping enough to undercut OPEC's prices by flooding the market and driving the price of oil down significantly. They didn't reckon on the Iraqis' determination to control their own oil and retain the profits.

Thanks for the laughs people.....

They believed there would have been deals made to allow American Oil Companies to have PSAs which would allow them to explore and develop Iraq's oil fields and begin pumping enough to undercut OPEC's prices by flooding the market and driving the price of oil down significantly.

DFIANT I am very cynical about the motives which drove the Bush administration to cause this disaster but not quite as cynical as you are. I do think though that after we got there the cronies did take advantage of the incompetence of Bremer and the rest of the administration. Perhaps you are right but to me it is easier to credit the rip offs to the Bush administration's incompetence rather than their actual premeditation.

danni drivel says " Then he DISHONESTLY pretended that the economy was "growing" because of those tax cuts all the while keeping interest rates extremely low thereby creating the growth of home equity which fueled the Bush economy"

gee danni you prove once again that you don't know jack shit about economics. Go back to sucking up to Fidel, Mahmoud, and Hugo, where you are on "firm" footing

Weeny Greeny is telling us something we don't already know?????????

Like the illegal invasion of Iraq was to control the FLOW of oil, but not the PRICE. These fuckwads love the current price.

Like Free Markets and Individual Freedom trump all other considerations in a marketplace where rule number one is BIG FISH EAT LITTLE FISH?

Like dropping interest rates to 1% and fueling a housing /construction bubble had nothing to do with Weeny Greenie's loyalty to the Republican Party? (There would have been no second term without it).

Like bailing out the rich and fucking the poor makes good Government policy. Thanks Greeny Weeny, you're the Oligarchie's favorite turd.

Where do you guys "learn" your hatred from? Cause it's obvious where ever that was you skipped economics, that's for sure

I hope the market totally collapses causing the evil republicans to lose every damn cent of their ill gotten gains. I truly hate republicans for what they have done to this country. thank Buddha I have totally disassociated myself with them.

"Where do you guys "learn" your hatred? It's obvious you skipped economics...."

Dave, I presume you refer to my singular lack of enthusiasm for the son of a bitch whose evil war and eviler economics peril my waning days. (It never wanes but it pours.)

"I hope the market totally collapses (and) evil republicans lose every damn cent of their ill gotten gains. I truly hate republicans for what they have done to this country. thank Buddha I have totally disassociated myself with them."

The trouble is, Mess, the few who expected tiny dividends from this hateful regime are also victims. Buddha or no, I find it damned tough to disassociate myself. herm

"Alan "Rainbow with a pot of gold right around the corner" Greenspan has egg on his face."

Bernanke. The Federal Reserve guy is Bernanke. Greenspan is retired. There you go now.

Sorry Jomoma,

Bernanke inherited this fucking mess. Greenspan set the stage. But the $500,000 every family in this country owes foriegners spans 50 years of corruption and debauchery. A tradition Bernanke would gladly continue if it would get us out of the fucking hole we're in.

I got news for you armchair economists, the fed has been extremely non partisan for decades.....To say the Greenspan, much less the fed, favored a republican or a democrat white houses is just wrong. When alan sat side by side with HRC during those state of the union speeches, whose "side" was he on then? The answer is neither, he was for "both" sides. Get it the fed is for all of us.

AQ and OBL have accomplished one of their 9/11 goals, they've ruined our economy. They knew the idiot in charge would spend trillions of dollars doing exactly what he's done in the middle-east...fuck things up. So now, we pay the price for GWB's arrogance and stupidity. Our government is just like all the other companies Bush has bankrupted.

Not only does Bush have no plan in Iraq, he's had no plan for the economy for 7 years. Throwing rebates at people is a band-aid approach to a REAL problem. He's just too big of a moron to see what he's done.

Reading on the Internet, in print, and talking to people, I understand the REAL housing meltdown might be this year. And continue to 2010.

But thank God we have bailed out all the billionaires on Wall Street. Wouldn't want them to have to downsize those 300 foot yachts.

DW,

Greenspan worked closely with BJC and his competent staff with remarkable success. In that sense you are correct. But he has publically stated that his loyalties are with the Republican Party and will not answer any questions with regard to the underlying transfer of wealth from the middle class to the ruling class. Greenspan has bailed out large Corporations and Bernanke has followed suit. His philosophy follows the thinking of Freidman and Hayek, except their actual policies are free markets are for working fools, subsidies and forceful intervention for the sake of Corporations. By Greenspan's own words he is partisan. He engineered the housing bubble, which like his S&L disaster, was replete with fraud. But since its Oligarchy fraud, it must be forgotten.

So bailing out the "little" people who have mortgage problems...helped the big guys?

I guess you are swinging at the bear stearns bailout, john. Last time I checked any billionaire who invested in BSC LOST near billions, they didn't get bailed out.
james cayne and Joe Lewis each lost over a billion dollars dude.

At 2 bucks a share that was like a total value of 236 million. I bet the company employee's will counter with a higher bid if the fed's will allow it.

What do you think the chances of confiscation are in the event of an economic collapse? Its not like you can hide it now that all gold (and other metals i suppose) transactions are reported to Homeland Security.

Posted by Shredder at 2008-03-18 09:31 PM

Unless the general public gets to buying gold and silver en masse, there is almost no chance. Buy and sell transactions are treated as a consumer good. There are no reporting requirements.

I hope the market totally collapses causing the evil republicans to lose every damn cent of their ill gotten gains. I truly hate republicans for what they have done to this country. thank Buddha I have totally disassociated myself with them.

Posted by messiah at 2008-03-19

Both parties are equally as culpable. Remember, Greenspan served during the Clinton years.

Be careful what you wish for.