Thursday :: Oct 23, 2008

Way To Go With That Flaw, Alan


by paradox

Alan Greenspan, alleged fiscal genius, admitted that his absurd, flatulent ideology of letting the banking industry regulate themselves was a “flaw.” He was shocked--just shocked I tell you--that everything fell apart, because he had 40 years of evidence to the contrary.

In the massively flawed brain of Greenspan Enron/energy deregulation and the past savings and loan disaster mean nothing, let alone the old wisdom about the fox guarding the henhouse. Nobody else is shocked at all, Alan, and you can live with a forever smashed reputation of utter failure along with a Democratic Congress and Presidency in 2009 for it.

Deregulation has been a Republican disaster, it won’t ever be forgotten or come back. One supposes we should be grateful for that in this total debacle.

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Regarding my post this morning about Treasury buying up bad mortgages, a little clarity came in later from the Washington Post: the government could guarantee the value of a mortgages headed for default in the hopes banks would re-negotiate a better interest rate.

This is still a policy in formulation, it’s unfair to blast criticism at it when nothing is final, but language stating the banking industry would hope to do the right thing makes me want to bang my head on my desk. Yeah, we hoped they would regulate themselves too.

All ordinary citizens need to know is that still, as always, the welfare of the banking industry is being put ahead of the interests of the little people. It’s going to take a lot of time and work to turn that mindset around. I’m not going anywhere.

paradox :: 11:23 AM :: Comments (10) :: Digg It!