Discussion in 'Economy' started by Kevin_Kennedy, Apr 4, 2010.
Schiff is full of challenges lately. First Krugman, now Greenspan.
Schiff is one of those low IQ idiots who think their love of a yellow metal is universal. I have no love of gold and no need for it either.
Greenspan is apparently not too bright in some ways.
He should be hiding low instead of being interviewed.
SCHIFF CHRONICALLY PASSES THE BLAME. There are things that Greenspan could do and things that he could not do. Schiff mistakenly thinks that Greenspan was all knowing and deliberately kept interest rates too low for too long. That was not the case, as Alan raised interest rates as he felt they could have an effect on the speed of growth of the economy. Nobody is perfect and nobody is totally clairvoyant. Only Schiff thinks he is. AND he is wrong.
Greenspan contributed to the problem not to the soloution.
Except he was right, unfortunately. Which goes to show that artificial tampering with the interest rate is the problem in the first place.
He made me $114,000 last year.
He was, however, absolutely right about the meltdown.
He wasn't alone, of course, but his predictions about how the RE bubble would play out in the rest of the economy were ALSO spot on.
I saw the RE bubble, spoke of how the price of RE was climbing faster than incomes, (including on this board, I think) and how that was unsustainable, too.
What I did not see, and could not have possibly known, was how that RE event would unravel the rest of the economy.
I just do not know enough about high financem derivatives, naked dereivatives and such to have understood that.
A deficiency I am inclined to overcome if that's possible.
And I say, if that's possible, because the bastards aren't just hiding the truth of the system, anymore, they're flat out lying to us about it their books, too.
One cannot possibly know that UNLESS you're an insider, or you truly understand the system of finance well enough to understand that something doesn't ring true.
As to Greenspan?
The moment he went before Congress and said the reason he didn't see all this coming was because " I trusted the banks" I KNEW for a fact the guy was a liar.
That's one of William Greider's names for Alan Greenspan.
Greenspan was "one of the biggest political hacks in Washington" according to Harry Reid, currently the Democratic leader in the Senate, and someone who would know a political hack when he sees one.
Greider's journalistic career spans four decades and for about half that time he's cataloged Greenspan's lies on behalf of the rich and powerful.
Sir Alan seldom missed a chance to "stomp on the real economy of work and production, but was utterly blind to the destructive chaos in the financial system."
Greider on Greenspan's legendary reign:
"That's what happens when government power tips the balance in favor of capital over labor, favoring super-rich over middle class and poor, and then holds it there for nearly a generation."
Fat-cat bankers and tacky traders loved Maestro because they knew he was always on their side in the class war most Americans are oblivious to.
See: The Nation>Blogs>THE NOTION "The Lies of Alan Greenspan" by Greider (9/17/2007)
I bought a bit over 250K worth of gold double eagles (UNCIRC) about 4 or 5 years ago.
For then current bullion prices. Which was at a bit of a dip at the time. I forget how much though.
I have not even checked the price of gold in months....
I gave a few away for Christmas and sold a few of them to buy a new Camry for my lady friend for Valentines day. So far no accel sticky
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