Greenspan Arrogance Set Up U.S. for Big Fall: Roger Lowenstein

[Joanne98]

May 7 (Bloomberg) -- In a newly released transcript of a Federal Reserve Board meeting in March 2004, former Chairman Alan Greenspan argues against disclosing too much to the public lest the Fed “lose control of a process that only we fully understand.”

This statement ranks as a sign of monumental arrogance. It was Greenspan himself who didn’t understand -- much less “fully understand”-- that the Fed’s lax mortgage regulation and easy monetary policies were setting America up for a disastrous fall.

The context of Greenspan’s remark was a discussion over how much to reveal about the Fed’s thinking on monetary policy in general -- not on mortgages in particular. But mortgages were part of the Fed’s monetary deliberations.

At the same meeting, Jack Guynn, the president of the Federal Reserve Bank of Atlanta, warned of “growing concern about potential overbuilding and worrisome speculation in the real estate markets, especially in Florida” and buyers were “freely admitting that they have no intention of occupying the units or building on the land but rather are counting on flipping.”

http://www.bloomberg.com/apps/news?pid=20601039&sid=ajUo9TLRyePI

[tom_paine]

1. No surprise there.

The only surprise is that our Inverted Totalitarianism, with one foot in the free past and one foot in our totalitarian future (run by the Bushie-Becks, who are "accusing the Jews of doing what the Nazis themselves are up to" as fast as they can) would allow such aristocratic talk to be released to even the smallest segment of the public.

Of course PR and marketing rules say that, as long as the information doesn't become widespread (which it won't, considering most of the American Subject Populace only watches Corporate M$M), then it is no threat to the American Aristocracy.

Plausible Deniability about what our Empire is and is becoming, is still the watchword, guided by Bernays' immutable principles. Truth can get our, so long as it is contained to a VERY small portion of the Subject Populace.

No one does Bernays better than our RW Tyrants, who rule even when they are out of power.

There's that Plausible Deniability again.

[Enthusiast]

2. It ain't even plausible any longer.

It has become green cheese deniability. Even Fox News viewers have got to be scratching their heads at this point.

Do they really expect us to buy in to this nonsense?

[glitch]

3. They don't care if we buy it or not, as long as we don't do anything about it

they know they'll be fine.

[indepat]

4. Proud to have long proffered on this board: Greenspan, a name that will long live in

infamy. :P