Greenspan: Imaginationless Little Tin God

The Emperor Greenspan, the little tin god with feet of clay, whose Congressional testimony was cited by Think Progress today, claimed he was “shocked” because his model “was working exceptionally well” for 40 years, adding that the crisis is “broader than anything I could have imagined”

The imaginationless Greenspan sold his soul, lock, stock, and barrel, to George Bush for reappointment to his post as Fed Chair and embraced Dubya's budget busting tax cuts for the rich while casting his silent, asssenting grace upon Dubya's "ownership society" that hurtled the economy down the slippery subprime slope. He helped, through his lack of vision, to strangle the Dot.com revolution by choking off the money supply imagining that there might be inflation around the corner without a thought to the consequences.

The Republican party lies en thrall of a band of small-minded, imaginationless, visionless leadership characterized by Dubya, McCain, Palin, Norquist, Wolfowitz, and many more who can imagine nothing but their rights to riches and power by dint of their birth and unschooled ignorance.

Back to the Future with Bush-Cheney-McCain-Palin

Homeless with a Few Possessions Loaded on Your Car

Living in Hoovervilles-->Bushvilles

Foreclosures & Evacuation Sales

Former Professional Men Selling Apples on the Street for Nickles

"Drill, Drill, Drill!"

"Drill, Drill, Drill!" Has been the Republican mantra as gasoline and oil prices skyrocketed. The Republicans ridiculed the Democrats who asserted that a major factor in the rise of oil prices, cheap money, was the culprit.

As the current financial crisis has unfolded, easily borrowed money has disappeared from the market place and oil prices have plummeted. The Republican have delivered some additional drilling grounds to their backers, BIG OIL, but B.O. is not satisfied with what it's gotten. Nevertheless, the market crisis has clearly demonstrated that most of the force of the price rise has been unbridled, UNREGULATED speculation!

Credit Default Swaps--UNREGULATED

Credit Default Swaps! The trillion dollar shell game! They are secret, of unknown magnitude, and do not require any reserves to back them up! Totally unregulated because, we were told, because the huge financial institutions that would swap them and sell them and make huge profits off of them had brilliant people who wouldn't let anything bad happen.

These insane instruments allow many people, not directly involved, to buy and sell insurance all riding on whether or not some huge financial giant will default. It took a trillion dollars in liabilities and had them insured for nearly 60 trillion dollars. So when the first domino (default) happened, when a money market broke the buck, trillions came due and nobody could pay up and the dominoes all fell.

Now one of the engineers of this situation, Paulson, snookers us into an emergency bailout of $700 billion to help shield some of these speculators from the bitter fruit of their greed! And our idiot representatives in Congress with a few exceptions voted for this shell game bail out WHICH WILL NOT WORK!

The Economy is Fundamentally Sound

Here's an interesting retrospective by Jim Horning:

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