Friday, March 16, 2007

"Greenspan Causing Stir On Wall Street"

When Alan Greenspan was Fed chief he consistently pretended that everything was fine and that thanks to him, there was no problems in the U.S. economy. He kept pretending that for some time after he left office. But lately, he have suddenly become dramatically more bearish, saying a recession is possible (later being more specific and pinning the probability to a third) and noting how a significant proportion of issued subprime mortgages are unsound. This, of course, completey contradicts his previous statements of how the former housing boom was completely sound and that no recession was in sight.

Now, many of Greenspan's Wall Street buddies are angry at him, accusing him of being a hypocrite. They accuse him of opportunistically changing his mind according to what will maximize his income and prestige. Greenspan a opportunistic hypocrite? That's like saying Adolf Hitler was a Nazi or Karl Marx a communist. Anyone who knows Greenspan's past would know that he practically defines the word opportunistic hypocrite. I must say that I can't feel sorry for the Wall Street suckers who now feel betrayed. Anyone who trusts someone like Greenspan deserves to be screwed. It's like that old saying "Fool me once-shame on you. Fool me twice-shame on me".


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