I don’t think anyone here has begun to get a handle on where Greenspan is coming from.

Let’s go back: As a young man, Alan Greenspan was part of the innermost circle of Ayn Rand, she of “The Fountainhead” and “Atlas Shrugged” fame.  Rand, and her worshippers, the so-called “Objectivists” were vehement anti-regulation, anti-socialist, anti-social welfare programs.  Libertarians are watered-down Objectivists.

Rand was a genius, she was brilliant, but she was also flawed and her analysis suffered from two problems: 1) she made dramatically and over-simplistic assumptions about how businesses work, particularly how they are financed, and what self-regulating mechanisms there are—and are NOT 2) She assumed that she was perfect and incapable of making a mistake, and was TOTALLY incapable of accepting criticism, even when it was soundly based.

Now, any student of Atlas Shrugged will clearly recognize Rand’s breakdown of society—she spelled it all out like a delphic clairvoyant oracle.  But with a twist…Rand could only see this breakdown as a result of rule by Socialists and “collectivists”.  She could not IMAGINE it could come from corporate leaders, bankers and industrialist UNLESS they were liberals and hypocrites and socialists.  To Rand, the Gordon Geckos of the world could NEVER bring such a collapse about.  It is now vigorously and blatantly proven that Rand, too, made a colossal blunder—the same one Greenspan made.

Alan Greenspan’s respect was earned through years of careful, thoughtful actions.  But this began to become a problem in the late 90’s.  Concerned that dot.com companies were selling at 40-50-70x annual earnings in “the New Economy”, he felt he needed to re-establish that the OLD Economy was really in charge.  He deliberately, in the late 90’s took actions to cool down and even BREAK the dot.com bubble.  Thus, at the end of Clinton’s admin and the beginning of President Screwup’s, we faced a mild, but easily recoverable recession.

But then came Bush’s TOTALLY irresponsible tax cuts.  They NEVER would have passed, but Greenspan, inexplicably, inserted himself into the debate guided by who knows what, saying, despite OBVIOUS evidence to the contrary, that tax cuts for the wealthiest would be good for the economy.  As wrong as he had been on the dot.coms, he was a whole lot “wronger” on tax cuts (Apologies to K.O. and his “worser”)

What we are seeing is Greenspan truly shell-shocked to find that, like the old Firesign Theater joke: “Everything you know is wrong!” The foundation, laid down by Ayn Rand, has been shown to be nothing.  Imagine someone just proved to you, beyond a doubt, that the world really IS flat and you had to accept it!  That’s how Greenspan is right now.

At least he’s the ONE person who is admitting instead of blaming Clinton, Fannie/Freddie, stupid borrowers, greedy lenders, the Democrats, Barney Frank…etc.

BTW, No US citizen can accept a knighthood.  The UK gets around this by honoring people with an honorary knighthood.  It conveys the honor and status without the actual title.  It’s no different than our “Medal of Freedom” being awarded to foreigners.

It seems to me that the fundamental problem is not with the fact that Alan Greenspan, the Federal Reserve Bank Chairman has proclaimed himself wrong, regarding the mathematical model he had been using, but the fact that there is a “Federal Reserve Bank,” which is privatized and wholly owned by others.
This system, is wrongheaded and absolutely abhorrent to the smooth functioning and control of a money system.  When you have people, whose only job it is to control the money supply, then they become the arbiters of governmental policy.
The old maxim is, “them that has the gold makes the rules,” is absolutely true. We know are in a financial freefall because of the policies of people like Alan Greenspan, Ben Bernanke and the other heads of the Central Banks, of other countries that are not accountable to the people and to the governments of the countries that they are in.
Why in the world, are we the people putting up with a system that is fixed in favour of the elite, that they control the source of money without regard to the welfare of the people who make the money for these obscenely wealthy people?
Trickle down economics is “voodoo economics,” it is a system that is based on belief and nothing else.
This is a system that has no basis in fact, except that some people believe it will work, well for the last almost 30 years, we the people have been waiting for the trickle down to happen when in point of fact, the money that was supposed to be coming our way is actually moving upwards because of the taxes on the middle and lower classes, and this in a “classless society.”
Ronald Reagan, was the leading proponent of the voodoo economic theory. His is the doorstep to lay this complete and total disaster on, he started the ball rolling on the deregulation of most of the major industries and professions in America, and was the one man who withstood the unions to the detriment of the people.
Why should we believe anything Henry Paulson, and the other thieves say? Aren’t these people the very ones who have caused this financial meltdown in the first place?  Then to give these very same people, the “keys to the candy store!” is wholly an unqualified cluster F@#$%!
We need true socialism, to turn this country around, someone with enough guts, to stand up to the special interests and say, “No more will you have access, based upon the money that you give, No more will you be allowed to write the legislation that controls your industry, No more will you be allowed in my office to chat about this or that certain bill that will regulate your business.”
If this does not happen, G-d help America, for we will see riots in the streets, starving children in our country, and worse than that a complete collapse of our economic and governance systems.

It really is impossible to parady the public politics of the US.  Greenspan states publically that he is shocked! shocked! that if you don’t regulate banks and business, they will take risks to make profits.  And the Dem and Gop legislators are really angry that Greenspan didn’t, Greenspan serving in both Dem and Gop administrations.

And in the middle of the worst crisis in American history since the deprression, for which Greespan bears large responsiblity, he his given a high award by the Britains.

The American people put up with this bad joke that destroys partially because they do not have a viable political alternative.  People have to be united on some replacement before power can be replaced.

McCain keeps trying to make ‘redistribution of Wealth’ a socialist doctrine.
Then riddle me This Mac…
What system sent millions of Europeans (and other cultures) across the Ocean to begin With? Why does Lady Liberty proclaim ‘Give Me your Poor’? why was a Free Market system such a Draw? Certinly NOT to work as they had for the Royals and Nobles. Do you think Our Ancestors begrudged the Poor an Opportunity or even a Hand Up? NO.
What this country was founded on was the Rejection of a Caste System, NOT Socialism. Ya think the dwindling Middle Class is fearful of socialism, NO it’s Feudalism.
I am Thrilled Waxman called on Greenspan to answer for this Most agregious attack upon our most fundemental Founding creed. Greensapn should be held Legally responsible for the Cluster F*ck HE HAS CAUSED.did we not see this brewing before clinton got in..did we not see it again as he left office. And Greenspan claims he was ‘Surprised’!!!
Greenspan not only SAW the Flaw to his Logic LONG ago, he intentionally did nothing about it…Big Surprise since the Federal Reserve IS the strangle Hold on our Free market.
why is passing Secrets more of a High Crime than Literally Undermining the Economic Power of a Nation?Benedict arnold is th emost renowed Traitor in our history. But all he did is give info about a Stratedgy for One Battle- ultimately amounting to Nothing, yet no one is willing to state Justifiably that steering our countries Future into the Rocks with Feudalist doctrines Constitutes a High Crime.
Come on Greenspan, You don’t know History? You didn’t know ‘Trickle Down’ was the EXACT Doctrine used by the Monarchies and dictatorships We Were founded to escape???BULLSHIT!
I am not an Econommic Guru, But ‘Trickle Down’ sounded like Economic TREASON to me when Ronny first uttered it!
Get a Recycled paper Plate for Greenspan too- the Silver Platter is far too good for him -plus we may need to Hock it, since he’s thrown our country back into Feudalism!

(AP) U.S. Federal Reserve Chairman Alan Greenspan received an honorary knighthood from Queen Elizabeth II on Thursday and said he would always cherish the honor.

Greenspan, who has steered the U.S. economy through four presidencies, was given the honor in recognition of his contribution to global economic stability.

The 76-year-old economist, accompanied by his wife, NBC-TV correspondent Andrea Mitchell, at the queen’s Balmoral estate in the Scottish Highlands, said, “I am deeply appreciative of this honor which I shall always cherish.”

“It’s a very unusual day for an economist,” he said, as he received the honorary knighthood in the softly lit library of Balmoral Castle, which looks out onto the royal rose garden and the valley of the River Dee.

He joked with the queen and her husband, Prince Philip, grumbling that he was tired because the “British government put me to work yesterday.”

The economist, who arrived in London on Wednesday, made a series of speeches to business leaders and dignitaries at both the Treasury and the Bank of England. Treasury chief Gordon Brown and Sir Edward George, governor of the Bank of England, gave a dinner for Greenspan on Wednesday night.

“I made three speeches and Gordon Brown had me at the seminar on international development,” Greenspan said. “I argued very strenuously for the Bank of England to find a room for me to sleep.”

Before the presentation, Greenspan spoke of a close friendship with Brown and George, and the gratitude the United States owed to its British ancestors.

“This is an extraordinary event,” he said. “We in the international community are especially grateful to our British forbears who several hundred years ago created so much of the financial infrastructure - and I suspect we probably take it for granted when we shouldn’t.”

“We have very close relationships with British monetary authorities,” he said. “I’ve personally enjoyed the insight and friendship of my colleagues from the Treasury and Bank of England who serve you and the people of the United Kingdom as well.”

Because he is not a British citizen, Greenspan cannot use “Sir” in front of his name, but he can put the letters KBE after it. The initials stand for Knight Commander of the British Empire.

Others Americans who have received honorary knighthoods include former New York City Mayor Rudolph Giuliani, former presidents George Bush and Ronald Reagan, and entertainer Bob Hope.

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Does anybody see that Greenspan may have had a conflict of interest that worked toward him being promoted to Knight Commander of the British Empire? Do you really think Greenspan worked for the interests of the United States in order to earn this title of nobility?

Why should he care?  He’s part of the rich establishment that never feels any pain in this country.  Like the “royals” in merry old England.  “Let them eat cake” is his/their motto.

It’s all so much theory and machinations of imaginary numbers for him and his kind, while in their spare time, they dine on caviar, drink cocktails, and count their money. So really, given the situation we’re now in, what he says really doesn’t even matter.  It’s like listening to some Mad Hatter ranting on about tea time and the proper way to butter your toast without waking the doormouse.  STOP the madness Greenspan! Just admit you don’t know what the F is going on and you NEVER did.

Oops, sorry about that everybody…

Greenspan has seen the “flaw” and the flaw is him! And Wall Street. And greed. And unregulated financials. And Bushco. And Congress. And of course, ‘we the people’ for not charging into Babylon-on-the-Potomac and armed with tar and feathers, demand our government back! Boot Nancy Pelosi and Harry Reid and Steny Hoyer and McConnell and the entire lying murderous depraved lot that IS the cancer on America. Then give Greenspan a glass of warm milk and have Andrea Mitchell tuck his old ass in bed and read him a story. Flawed? Wow, go figure!