Sunday, December 13, 2009
Former Fed chairman Alan Greenspan thinks rising stock prices have saved the world and CNBC's Jim Cramer nods accordingly. You'd think that a little less deference to these two would be in order after what's happened over the last two years, but, apparently not.
It's funny (in a very destructive sort of way) how hosts like David Gregory - who otherwise seems to be doing a pretty good job filling Tim Russert's rather large shoes but who obviously does little or no critical thinking about such weighty matters as the role of the Federal Reserve in our recent troubles and the sustainability of financial markets as we know them - helps to "re-legitimize" people like Greenspan and Cramer just by having them on.
He seems to just be doing his small part to try to resurrect the old Wall Street-Washington business model giving nary a thought to whether or not that's even possible.