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Ear to the Ground

Alan Greenspan, Mr. ‘Fix the Debt’

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Posted on Dec 29, 2012
daveeza (CC BY-SA 2.0)

The man who missed the $8 trillion housing bubble that was generating more than $1 trillion in wealth per year—and the collapse of which led to the current demand crisis that is strangulating the economy—was present at the formation of the corporate-backed Campaign to Fix the Debt.

A New York Times article published Dec. 23 said former Federal Reserve Chairman Alan Greenspan was among the “influential group of economic, political and business leaders” heroically “huddled in a too-small tent in the pouring rain” in deliberation, not over how best to rescue millions of Americans from social misery, but rather to enact policy that will deprive them of the federal aid necessary to do so.

Economist Dean Baker at the Center for Economic and Policy Research was appalled at the news:

“This is such an amazing tidbit that it really should have been the lead of the article. The person most responsible for wrecking the economy—and incidentially adding trillions of dollars to the debt—was there at the founding of the Campaign to Fix the Debt.”

—Posted by Alexander Reed Kelly.

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