You both mention Greenspan’s low rates, and I wholeheartedly concur. IMHO, Greenspan is the #1 guilty party in this whole affair, even to the extent that I believe he spawned the beginnings of this bubble back in the 80s (along with Reagan). He decimated the concept of moral hazard, and his policies encouraged excessive risk-taking and misallocation of resources. His answer to every little recesssion or problem was to inflate our way out of everything with easy money/debt. Far from being “The Maestro” I believe he is an evil criminal who is largely responsible for shifting wealth from the working class to the “financial” class. The Federal Reserve is not a govt-owned entity, but it is closely aligned with the Executive branch of the govt (the president appoints the Chairman of the Federal Reserve).
Anyway…so much corruption, and so little public representation. If there is any one thing that scares the heck out of me, it’s that Congres passed the Wall Street bailout bill so quickly, in spite of the most overwhelming negative public response they’ve ever had in history. Very scary, indeed.
BTW, the Fast Money guys on CNBC were commenting about the “scene” in front of the NYSE last Friday. Said it looked like a “Dead show” (referencing the big tailgate parties/hippies at Grateful Dead shows). Not really sure what they were talking about, as there was no news on Google. I know they’ve had massive rallys on Wall Street recently, but little or no MSM coverage. That should also be very frightening to any thinking American.
