Wikinvest Wire

#1 - Osama Bin Laden, #2 - Alan Greenspan ??

Saturday, September 20, 2008

The hits keep coming for former Fed Chairman Alan Greenspan, as government officials desperately try to reattach the wheels to both the U.S. and world financial system that he was instrumental in creating while more and more individuals attempt to determine the "root cause" of the current problems.

Across the political spectrum in Europe, the former fed chief's name keeps popping up when the discussion turns to "root cause", and Italy's finance minister sets the bar quite high, putting the world's most famous terrorist in the same company as the world's most famous central banker, as reported in the LA Times.

It's a rare day when finance officials, leftist intellectuals and ordinary salespeople can agree on something. But the economic meltdown that wrought its wrath from Rome to Madrid to Berlin this week brought Europeans together in a harsh chorus of condemnation of the excess and disarray on Wall Street.

The finance minister of Italy's conservative and pro-U.S. government warned of nothing less than a systemic breakdown. Giulio Tremonti excoriated the "voracious selfishness" of speculators and "stupid sluggishness" of regulators. And he singled out Alan Greenspan, the former chairman of the U.S. Federal Reserve, with startling scorn.

"Greenspan was considered a master," Tremonti declared. "Now we must ask ourselves whether he is not, after [Osama] bin Laden, the man who hurt America the most. . . . It is clear that what is happening is a disease. It is not the failure of a bank, but the failure of a system. Until a few days ago, very few were willing to realize the intensity and the dramatic nature of the crisis."
Over the last week, there has been an exceptionally high level of inbound traffic to this blog from Google searches with "Greenspan" as one of the search words (the blog is still #4 for a simple Google search on Greenspan, Stanley Greenspan M.D. having once again bumped me from the top 3).

How could it be that we've had to come this far before people finally realize what some of us were so certain of back when the housing bubble was still inflating in 2003 and 2004?

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11 comments:

njdoc said...

Tim,

I want to thank you for your blogging. I have been an avid reader of your blog for over 3 years, and I find your posts very informative. It's good to see the MSM and the rest of the world catching on to the fraud that Greenspan committed, and I am sure your played a role in the unraveling of his reputation. He cannot control the spin anymore.

dilbert dogbert said...

Those two photos cry out for a PhotoShop expert!

Anonymous said...

Tim,

Does all that's played out exceed your wildest dreams when you started out this web site ?

Tommy Times said...

Have you blogged on which piggy bank they are raiding to pay for the bailout?

Tim said...

Thanks for the kind words... I don't think I had any expectations when I began this - I just wanted to see if I could write anything that anyone would be interested in reading. I think I succeeded in doing that :>

Sing Expat said...

Oh, lets try this one on for size.

Osama bin Laden may or may not be the person responsable for the 9-11 attacks; our own government is now not sure. In any case, before Bush, he would have been innocent until proven guilty (as opposed to tortured until confessing).

Greenspan is guilty of creating the largest credit bubble in history. He shares the blame with several hundred others, but he is the mastermind. He was called a Hero until a few weeks ago and will unfortunately never be tortured to get the truth out of him.

Which of the two cost more to the US? Given that most of the cost of 9-11 stems from the unjustified fascist programs put in place by the Bush regime, it appears that Greenspan is the greater criminal.

I say we arrest and waterboard the old bastard until we get some answers. If waterboarding doesn't work, then we should use torture.

In fact we need a congressional hearing. Call Bush, Cheney, Cox, Paulson, Greenspan, Bernanke, and the heads of every major financial institution. Senior debt traders should be on stand-by as well. Every single one of them should be subjected to full, intense interrogation in order to get to the bottom of the greatest single financial attack on our nation.

Because let's not kid ourselves. This was not a mistake or a smalll error. If these guys did not know what was going on, then they should be fired for incompetence and forced to return all compensation for the past ten years. This was a major, high-level conspiracy to defraud the financial system perpetrated by our leaders from the president on down. It is treason, which is punishable by the death penalty.

Death to traitors, I say. And waterboard the whole bunch of them, if not for answers, then just for fun.

Anonymous said...
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Anonymous said...
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Anonymous said...

Tim,

I don't think I've ever left comment on your blog, but have been a daily reader since the winter/spring of 2004/2005. I'm pretty sure I got your link from the housing bubble blog, but can't remember for sure...

Anyway, I am an economist (academic type) and I agree with most everything you have posted over the years. From the inside (got my PhD in 2004), I can tell you that the establishment academic community did put Greenspan on a pedestal. It is too difficult to turn the tide of opinion within the ranks. See Roubini for the best example. This guy is from a decent school, though not the top, and he got no respect until he was proven correct.

Anyway, thank you for your insight and dedication to your blog. I've personally been very torn over the years between formal training and what I've picked up from you, Mish, Roubini and scattered others in the blogosphere.

BTW, I second the previous post calling for you to remove the racist anti-Semitic drivel above

Anonymous said...

Anon 6:37 is a Nazi scum. Sorry for the tone, but what else can one say...

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