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.

Wait, before you go…

If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface.  We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.

Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.

Support Truthdig