This morning the time has come to do what everyone in their right mind knows has been coming all along. That is to name our captain of the All-Imbecile squad. Every ship needs its captain, every unit needs its vocal leader and yes every ponzi scheme needs its, well, ponzi leader-in-chief.
In what can be described as anti-climatic at best or in the more infamous words of the accented cleaning company owner Charlie Sheen partners up with to access insider info in the movie Wall Street, "thank you for telling me what I already know" I am formally announcing not only his addition to the squad as a vital cog but also as the unit's captain..... Allan "the maestro" Greenspan.
As an update for readers our current All-Imbecile Team members are:
Ken Rosen from Cal-Berkeley,
Roger Farmer from UCLA and
Alicia Munnell from Boston College.
Paul Krugman from Princeton University
Did you really think anyone else was more qualified wear the C on his jersey or the armband if you will than the maestro himself Greenspan? Don't get me wrong, there is an plethora of economic imbeciles in this country the likes of which the republic will be hard pressed to replicate, but some just distinguish themselves over and above the crowd.
Like a Jordan, a Pele, or a Nicklaus some separate themselves from the field with distinction. In the field of economic imbeciles Greenspan has no peer, no equal.
In proof that Greenspans hubris knows no bounds we must watch his history revisionism tour as he travels the globe, telling any and all who will listen how none of this mess was his fault and how none could see it coming. Exception being those lunatic fringe idiot bloggers right?
Greenspan presided over bubble after bubble infamously proclaiming that bubbles were only detectable after the fact. This statement alone should have led to one way ticket to a weather station in Alaska but no, in this country it's grounds for a promotion or in the least a nomination for a nobel prize in economics.
This morning I came across this article "Greenspan Says congress Should Should let Bush's Tax Cuts Lapse." Yup, raise taxes, super idea maestro, that'll really kickstart the economy! Can someone please explain to me why anyone besides Andrea Mitchell is still listening to this buffoon? Why anyone would pay a red cent let along mucho dollars per plate to hear him spout his economic idiocy is beyond me.
I often think back to earlier this year, February to be exact where in a Bloomberg piece you can view here Greenspan Says Crisis 'By Far' Worst, Recovery Uneven. the maestro had this to say,
The financial crisis was caused by a “fundamental misjudgment in the marketplace,” Greenspan said. “I hope we can find a way of resurrecting the subprime market,” because it was working well until those mortgages were widely securitized, he said.
I want you to re-read the above one more time, please.
Crisis caused by a financial misjudgement?
Resurrect the subprime market?
Do we even need to even dignify this monumental stupidity of these statements with a retort?
Sure maestro, Bernie Madoff's ponzi scheme was working swimmingly well until it imploded too. I am going to mince no words here this morning. This man is VERY dangerous. Dangerous to your's, mine, and the country's economic well being and survivability. He is infinitely more dangerous than mass murderers like the Hillside Strangler or Son of Sam. We have less to fear from a Charles Manson running loose among the populace than from Alan Greespan's policies running loose on our economic landscape.
The internet bubble exploded and rather than let the natural course of events occur that has been occurring since the beginning of time, the brilliant one decided he could circumvent the laws of nature. So instead of washing the rot from the system the Maestro, lowered interest rates to next to nothing thereby spawning the housing bubble, where as we all know now, when you give money away for free terrible things happen.
I know many MBA's PhD's and other laureates may find this next sentence preposterous but had Greenspan simply left things alone, as painful as the re set may have been, we might well be on our way to a meaningful, sustainable, sound recovery.
But not this narcissistic egomaniac, just slap more makeup on the decomposing carcass as that will surely make everything okay.
What is wrong with people that so many cannot see what should be plain as the hand in front of your face, that this Greenspan is pure poison. What baffles me is that now, after some of the dust has settled and it is clear to see the havoc he has wreaked on the economy, we continue to seek him out for opinions and advice. Simply mind boggling. Would someone somewhere finally slap duct tape over his mouth so we do not have to entertain more of his poisonous remedies for the cancer HE CREATED! Yes, the cancer HE CREATED. I would counsel that we should do the exact opposite of EVERYTHING he recommends. Period, end of discussion.
Sadly this was the man in charge of the monetary strings in this country. Future generations are going to mercilessly ridicule, mock and lament those of us here today who stood by and let this ignoramus destroy what was once the economic envy of the planet.
Former Fed Chairman and now perpetual history revisionist Allan Greenspan captain of the All-Imbecile Team.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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