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From the sublime to the ridiculous
Sunday, December 16, 2007
Wow! Talk about moral hazards. Is it possible there could be a bigger moral hazard than Alan Greenspan's proposed solution to the housing crisis?
"Cash from the government", presumably deposited directly into the bank accounts of homeowners who are about to lose their homes, is the former Fed Chairman's solution to the current foreclosure crisis. He added, "Cash is available and we should use that in as large amounts as is necessary to solve the problems".
The Maestro was on ABC's This Week with George Stephanopolus earlier today and weighed in a variety of subjects, none of which involved any culpability on his part for the mess that is the current U.S. economy and global financial system.
Greenspan ran the central bank for more than 18 years and, in response to the bursting of the stock market bubble, he succeeded in inflating a housing bubble just before he was forced to retire.
The delayed effects of these policies will see the U.S. economy run into the ground sometime next year.
He has been criticized by some for keeping interest rates too low for too long after the 2001 recession and now most analysts agree that leaving an 80-year old to run the largest economy in the world was just a bad idea.
7 comments:
Where is this cash that's available coming from, Ben's helicopter?
I was wondering if Greenspan had stashed a bunch of cash at the New York FED beofre he left! I had to take a few shots at Alan's comments today on my blog. This guy is clearly insane.
he was never sublime, if you thought he was you are as delusional as he is
What happens if the folks about to lose their homes take that 'cash from the government' and go piss it away on a new SUV or go to a strip club? In fact, why shouldn't people just stop paying their mortgage and piss that money away since 'cash from the government' is on the way?
I have an idea! Why doesn't the government just print $1 million for every man, woman, and child in the USA? The heck with helicopters. They could just send everyone a check for Christmas.
Surely that would solve this problem, and create wealth to boot!
The way these "experts" talk, they might actually think it's a good idea too.
Greenspan doesn't give a turd about homeowners - all he cares about are the big banks, and the bailout is only meant to help them (gov't cash to the banks is far better for them then lowering interest rates!).
Greenspan is a crack ho bitch. He really needs to lay off the crack pipe.
yeah - this is a great idea - let's subsidize the most retarded of those among us - great thinking, Greenspan
maybe these people can go out and buy an investment property with the money they're given
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