Alan Greenspan who is very much responsible for the subprime mortgage mess, has spoke like the grand pooh bah of finance he fancies himself to be. His encyclical: governments should help bail out the up to 20 million householders who are courting foreclosures. These people who had not a pot to piss in signed their livelihoods away with the mirage of low interest rates to have a piece of the American dream: a house of one's own...a dream house...well all this turned to sand when they woke up to discover that monthly mortgage payments went sky high and beyond their purse after two years, subprime scandal or not. Defaults are piling up. And the banks and central governments have to bailout the investment banks who sold suspect debt.
So in his papal largesse Greenspan who is a free marketeer par excellence wakes up to find that he is the frog of Keynesism. What a joke! He assumes no responsibility. Shame! Shame! Shame! If ever there's a way to prosecute Greenspan for his sins of omission and commision let the lawmakers find it! let the homeowners take out a class action suit against him!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment