Why Now?
Thursday, February 17, 2005
  He Who Steals My Purse Steals Trash
In the grand tradition of Punxsutawney Phil, Alan Greenspan crawled out of his mausoleum and pronounced that everything is a risk, but we should take a risk . . . or not.

And we should listen to him because Jimmy Carter appointed Paul Volcker to straighten out the inflation problem in the American economy and Volcker gave Greenspan the 3X5 card that said: you bring inflation down by raising interest rates, and you lower interest rates to the point at which inflation is minimal or if the economy slips into a recession. There was no fine print on the card that said: unless you need to help a Republican.

Greenspan did nothing about the tech stock bubble; he was telling people to get adjustable rate mortgages when mortgage rates were at historic lows; he has no clue as to why no jobs are being created; he has made no stand on the budget and trade deficits; he links Medicare and Social Security to justify talking about a problem.

Mr. Greenspan is a totem, not a wise man. Anyone who talks about increasing the rate of savings for Americans by switching to private accounts while knowing that it will increase the deficit should not head a local credit union, much less the Federal Reserve system. As one of my great aunt's used to say, he has outlived his brain.

 



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