UPSTATE NEW YORK...12/20/07 2:00 pm EST... Giving a press conference from the bedroom of his new home, the Happy Trails Home for the Aging, former Chairman of the Board of Governors of the Federal Reserve, Alan Greenspan, was asked if his arrogance, or perhaps stupidity, had caused the dot com and/or current housing crises. Remarked Greenspan, “My roommate and me . . . we eat paste.” Asked then if he, acting as director of the U.S. Federal Reserve, had any personal responsibility for those two catastrophic U.S. economic crises, both of which occurred in the last ten years of his tenure, Greenspan remarked, “Pooooooooopy.” Asked then if he had even slightest clue what the Hell was going on, Greenspan remarked, ”Yes . . . I’m here to drop interest rates – right?”.
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AUTHOR’S NOTE: As referred to in the piece above, two of the worst economic crises to ever hit America occurred in the last ten years of Greenspan’s watch. The sick thing about it is, both crises were obvious before they occurred; especially the housing market crisis - you simply cannot indefinitely sustain 30% annual appreciation in home values. Yet Greenspan, probably under direction or threat from Bush, continued to lower interest rates, time and time again; without even the slightest warning to consumers about the perils of adjustable rate mortgages [ARMs]. But hey, when you’re mired in an illegal war, and you need more money for bombs, then you simply ask the Democrats - right? And when they can't pay, then you turn to the Chairman of the Federal Reserve and tell him to de facto print money. I tell you what, it’s absolutely unbelievable how ignorant our elected officials are - seriously, some of them are COMPLETELY ignorant. But then again, from the perspective of their handlers, perhaps that’s the whole point. Well, as a final thought, my article only scratches the surface when it comes to Greenspan, so watch the video below. It's over 5 minutes long, but worth watching!!!
