At one time this brilliant guru could walk on water. Yesterday, before a Congressional Committee led by incompetent leadership, he conceded he had made mistakes during his lifetime tenure as Federal Reserve chairman that may have worsened the current slump. Slump? My ass, it's a recession heading into a depression perhaps on a worldwide scale.
Greenspan thought banks had the ability to assess risk and their self-interest would protect them from excesses. Sure they did with the urging of guys like Dodd and Frank, a failure by regulators to enforce regulations already on the books, legislators who spend at least half a year posturing to get reelected and a greedy, wealthy elite.
No way am I going to lay all of this blame on Greenspan. I'm going to lay the blame where it belongs, an inept legislative elected group, their obeisance to lobbyists, to their often times "easy going" staff made up of relatives and best friends, a burgeoning bureaucracy, analysts on the subtle take, and an attitude of "feel good" reigning in D.C., plus "you OK my earmarks, I'll OK yours".
Since I can't and try not to describe all people who are union people, Congress, lobbyists, staff and bureaucratic as being of the same ilk, I need to describe groups that have too many incompetents in the particular group that have led us into this deadly downward spiral. Foremost of the socialistic individuals are the ones who ran Fannie Mae and Freddie Mac into the ground with the urging of Chris Dodd, Barney Frank, the arrogant wealthy elite and hopefully to be soon indicted, Angelo Mozilo, Dodd's friend who saved Dodds thousands of dollars from CountryWide; let the record of both speak for itself, Pelosi and her husband with his tainted millions, I'll stop, you know who they are.
Obama said people are bitter. He is correct except he used the wrong adjective. People are angry and many of them are hateful. And if downward spiral continues, at some point this country will see an uneducated class, many graduating from our failed public school system. They are uneducated or have been educated by socialistic teachers, graduates of left leaning liberal colleges and taught by left leaning liberal professors, to be compassionate socialists, their theme generally is, "Everybody else did it", "if I don't take it, someone else will" or there are "no truths" so let's have a "laissez-aller", meaning unconstrained freedom and and absence of constraint.
So who is in charge? Everybody but surely nobody. A ripening scenario looking for a strong man or a man who will become a strong man, who is a demagogue with the charm of a "changer".
Wake up, America.