Mr. Greenspan, you have been the individual most responsible for the current crisis; a crisis which commenced only a few years after you tried to minimize the dotcom collapse, which of course you also created. By flooding the banks with ridiculously low interest rates you thought this Ponzi scheme economy could run on worthless money forever. But when you saw the end was coming, you quietly made your exit.
Your tenure as Fed Chairman will be remembered as the most destructive to any developed nation in history, costing Americans over $20 trillion for both bubble implosions combined. Yet, you remain in denial about your role in these catastrophes. Instead, you point fingers.
To make matters worse, you have taken a position with Paulson & Co., the hedge fund that made $13 billion shorting sub-prime debt…debt that you were responsible for creating. That is a slap in the face to all Americans. Have you no conscious?
Perhaps the most disgraceful and cowardly act of your tenure was your timely exit just before the apocalypse began, leaving Bernanke to clean up your mess.
Now you continue to act as if everyone would be anxious to hear your Monday morning quarterbacking. You actually have the audacity to propose government regulations for bailouts? Without your irresponsible monetary policy and disregard for bank regulation, none of this would have happened.
Are you saying we should expect more bailouts for decades to come? Perhaps you are admitting the Fed’s boom-bust policies make bailouts an inevitable reality. If so, and I truly believe that is the case, perhaps we should focus on restructuring the Federal Reserve.
Regardless, I do not care what you are saying. We don’t need advice from those who created this mess. That would be similar to the police hiring a thief as consultant for advice how to safeguard the same homes he burglarized. Where was your advice when you were Fed Chairman?
Let me be quite clear. You have been a complete disaster for everyone in America other than your banking cartel friends.
If you want to offer your assistance, you can start by answering Professor Auerbach’s inquiries as to the validity of your Ph.D thesis. Mr. Greenspan, the next time you speak you need to come clean.
Otherwise, you need to sit down and shut up.
No one cares to hear what you have to say so take your blood money and kindly disappear from the public eye.
As for MSNBC and other media networks that continue to field Greenspan’s comments, you guys need to get a reality check. The American people are sick and tired of you giving airtime to liars, losers, clowns and crooks. And you are just as guilty as these villains because you have effectively partnered with Washington and Wall Street to hide the truth from the people.
As for the victims of this fraud and deceit, as the saying goes, “Fool me once, shame on you, fool me twice shame on me.” Many of you were fooled by the dotcom charade. And now you’ve been fooled by the same crooks by the real estate crisis.
Shame on you for not learning your lesson. Will investors finally learn their lesson from the current mess? It’s up to the people to take control of things. And that means shutting down the media propaganda.
To all of you out there who may have lost money in the dotcom collapse, the current banking or real estate crisis, or are struggling to deal with the inflation created by Bernanke’s response to Greenspan’s destructive tenure, I urge you to write in and call these networks and demand they stop giving airtime to these crooks and liars.
Tell them you aren’t going to watch trash TV anymore.
Tell them you plan to turn the channel and let the Nielson ratings hit them where it hurts most – in the pocket.
Copyright © 2008. Mike Stathis. All Rights Reserved.
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