Greenspan: “spotting a bubble is easy”
Discredited charlatan, Sir Alan Greenspan continues to re-write history – as senility over-takes him. As I said in a previous piece (“Greenspan re-writes history, refuses to take blame”), Greenspan is currently on a “world tour” of speaking engagements – where people pay him to lie about his own role in destroying the U.S. economy.
I already noted in the last article that Greenspan rejected any responsibility for his own actions, on the grounds that the Federal Reserve was irrelevant when it came to dealing with asset bubbles.
Now, in an additional quote (taken from Bloomberg), Greenspan discredited himself further. In a February 27th interview, Greenspan crowed that “spotting a bubble is easy. What's hard is predicting when it will pop.”
This totally contradicts everything said by Ben Bernanke, Henry Paulson, the Wall Street Liars, and the brain-dead media parrots – all of whom said they were “surprised” by the U.S. housing bubble. In this case, however, I will credit Greenspan with speaking the truth (now). I will add that Greenspan never made this claim previously.
The fact is it was easy to spot the U.S. housing bubble. Prices tripled in a little over a decade – while real incomes were steadily falling. With falling incomes, anything more than a small rise in housing values (i.e. 20-30%) would obviously be unsustainable.
However, while U.S. housing prices increased by 100%, then 200%, then 300%, where were the voices pointing out this obvious bubble? I'll tell you where they were, they were all standing behind microphones (or sitting behind keyboards) stating that U.S. homes were “fairly priced”.
The propagandists (inside and outside the U.S. government) shamelessly lied to the American people (and the world) while the bubble was being created (and while Wall Street was scamming the world for trillions). Then after the bubble burst, the same liars continued lying – with EVERY one of them claiming that “no one could predict what had happened.”
With Greenspan now retired, and no longer a shameless shill for U.S. banksters, he is now only concerned with trying to protect his own severely tarnished image. In the process, he damns all the other players in this massive fraud (past and present).
Don't hold your breath waiting for some shill in the U.S. media to start asking government officials and Wall Street Liars why they couldn't spot this “easy” bubble. The U.S. propagandists, masquerading as “journalists” are not interested in uncovering the truth, rather they are paid to confuse, distort, and deceive.
The problem with all compulsive liars is that their lies eventually catch-up with them, resulting in endless self-contradictions. If I were a Wall Street CEO, I would pay Greenspan even more to keep his mouth shut. The last thing Wall Street needs today is for one of its former stooges to start telling some VERY inconvenient truths.
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written by JsJ, October 28, 2009
Decades from now someone will admit it for him -- he'll be long gone by then, but so will the Fed, and that will have been (in his eyes) the greatest service he could ever have done for his fellow man.
I'm not the conspiracy theory type, but a disciple of Ayn Rand and a gold standard fan doesn't "flip" like he flipped unless he is 1) an idiot or 2) a mole. The simplest explanation is usually correct, and Greenspan is no idiot.
Rational and intelligent people can easily disagree with me, but that's how I see it.
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The role of the private bankers of the Fed is to engage in reckless money-printing, allow the rapid and infinite expansion of debt. And to engage in policies which create ever more extreme "booms" and "busts" - since these extremes are always OPPORTUNITIES for those closest to the government printing press.