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Posts Tagged ‘Alan Greenspan’

Crooks & Liars– By bluegal Monday Feb 15, 2010 8:00am

I still can’t understand why David Gregory has a job, when it takes another reporter from another network to show the hypocrisy Gregory’s own guests are displaying right at his Meet The Press desk.

Fareed Zakaria argued on February 4 that the budget Obama inherited was completely broken in the first place, first by the Bush tax cuts and secondly by the prescription drug plan for the elderly and two wars that were “off budget.” The Bush Administration set the next several generations up with a massive budgetary mess that will not go away with politics running the governmental show.

But Zakaria points out that even those who are NOT elected officials, including Hank Paulson and Alan Greenspan, are so subservient to the corporate overlords that they will not hear of rescinding the Bush tax cuts for the wealthy even after they wail over the horrible-ness of the deficits.

Until some grown-ups run the show in Washington, our Federal financial house will be a condemned hovel.

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Robert Scheer | Truthdig | June 3, 2009

The three wise monkeys?

The three wise monkeys?

How could Paul Krugman, winner of the Nobel Prize in economics and author of generally excellent columns in The New York Times, get it so wrong? His column last Sunday—“Reagan Did It”—which stated that “the prime villains behind the mess we’re in were Reagan and his circle of advisers,” is perverse in shifting blame from the obvious villains closer at hand.

It is disingenuous to ignore the fact that the derivatives scams at the heart of the economic meltdown didn’t exist in President Reagan’s time. The huge expansion in collateralized mortgage and other debt, the bubble that burst, was the direct result of enabling deregulatory legislation pushed through during the Clinton years.

Ronald Reagan’s signing off on legislation easing mortgage requirements back in 1982 pales in comparison to the damage wrought 15 years later by a cabal of powerful Democrats and Republicans who enabled the wave of newfangled financial gimmicks that resulted in the economic collapse.

Reagan didn’t do it, but Clinton-era Treasury Secretaries Robert Rubin and Lawrence Summers, now a top economic adviser in the Obama White House, did. They, along with then-Fed Chairman Alan Greenspan and Republican congressional leaders James Leach and Phil Gramm, blocked any effective regulation of the over-the-counter derivatives that turned into the toxic assets now being paid for with tax dollars.

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