Greenspan and the Vaunted Bay Area Both Going Down

[Arraya]

“Of course the people don’t want war. But after all, it’s the leaders of the country who determine the policy, and it’s always a simple matter to drag the people along whether it’s a democracy, a fascist dictatorship, or a parliament, or a communist dictatorship. Voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked, and denounce the pacifists for lack of patriotism, and exposing the country to greater danger.”

— Herman Goering at the Nuremberg trials

[NotCranky]

“Debt is the opiate of the masses.
Overly coveting things that are intended to be secured by debt prior to actually obtaining them is a double dose.”

All the leaders of a people have to do is create a frenzy for for high levels of home and other indebtedness and they can take off on any immoral war they want…. by threatenting the debtors ability to pay for the stuff the covet.

[uncomfortably numb]

It is Americans who want war; the leaders are simply an expression of that desire. We are a society founded on the principles of conquest from the very start. We worship power in all its forms, as we are as all empires before us, blood-sucking murderers. We love killing, violence, and all forms of destruction. We’re humans, like it or not.

[AKguy]

numb:

So how was your day?

[XBoxBoy]

bsrsharma, you’re ignoring what he didn’t do…

you wrote about Greenspan:
His mission is to keep the FFR as low as possible and money supply sufficient without causing undue inflation and promote near full employment. On those grounds he was excellent. Considering the challenges in his tenure, he performed brilliantly.

Yes, he may have steered the ship well, but as the captain he also had a responsibility to alert the passengers to don their life jackets and to check and make sure there were enough life boats. But he didn’t do that. Not at all, and for this omission he will be remembered.

In the end I can’t help shake the feeling that he’s like all the other experts I’ve met in my life. Sure that they know the answers, confident that they will do the right thing, but all too often human, and as such capable of grave errors and misjudgements.

XBoxBoy

[NotCranky]

numb:

So how was your day?

…and who did you have for dinner?

[uncomfortably numb]

Actually, I had a wonderful day. I hope you did also. I do realize that most people really dislike reality interfering with their state of denial. Sorry to impinge.

[dontfollowtheherd]

He lowered the fund rates for the banks to lend at ridiculously low rates and kept them there for a long time because everything else had come to a standstill as far as growth of the economy is concerned. Once the spigot was opened greed in all forms took over. Let’s face it, the country was headed for a recession and for 5 years the inflated real estate market was the only thing keeping it afloat. Once sanity was restored and we got back to normal income to home mortgage valuation rates the fit has hit the shan. The real heroic job will go to Bernanke if he can extricate the U.S. from the mess that Al and his buds got us into.

[Author]

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