NEBRASKA BLUE

I wish Alan Greenspan had a big statue on wall street, so after the
meltdown of America’s financial health ends, we could have New York
Army National Guard troops throw ropes onto it, and pull it down on live TV.
Because he deserves it for his grossly dishonest statements made in the link below

http://www.ft.com/cms/s/0/edbdbcf6-f360-11dc-b6bc-0000779fd2ac.html

His article is the most explicit ever call for that age old principle: privatise the profits, socialise the losses. Why is that man still listened to? Oh yes: because the only public that matters are those on the privatised end of that sentence.

[More:]

After describing the bubble in US real estate, and how it is crashing (after spending years denying that there could be a bubble), Greenspan notes:

Those of us who look to the self-interest of lending institutions to protect shareholder equity have to be in a state of shocked disbelief.

Shocked disbelief? From the man who encouraged borrowers to switch to ARMs (adjustable rate mortgages) in 2006, at the very time fixed rate mortagages were at record low interest rates? Who praised the extraordinary inventiveness and depth of the financial markets, which allowed to spread risk around to those that “most wanted or were able to bear it"? Who bragged about the increased productivity numbers made possible by the inflated revenue numbers of financial institutions, themselves propped up by the oceans of liquidity made available to them by one Alan Greenspan? And, most importantly, never lost an opportunity to come to the rescue of financial institutions or markets in trouble, so much so that the “Greenspan put” (ie the notion that the Fed would bail out banks in trouble, so why bother limit one’s risk-taking) became part of Wall Street folklore?

Well let me remind everyone about how the French dealt with the Rich and powerful when they were destroying that country, they drove them into the streets and cut off their heads.

Let me tell you my fellow Americans, it might just come to that here as well before this thing is all over…