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former Federal Reserve Chairman Alan Greenspan... conceded the meltdown had revealed a flaw in a lifetime of economic thinking and left him in a "state of shocked disbelief."

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I think the guy was a "true believer". He had a mental model that was so strong and so interwoven that reality just didn't penetrate.

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Treasury Blacks Out Key Parts of Private Bailout Contracts

Remember how Treasury Secretary Henry Paulson promised full transparency in spending the $700 billion bailout money? And remember how bailout opponents predicted that the failure to mandate such transparency would allow all sorts of Halliburton-style shenanigans? From the looks of the first private contracts issued by the Treasury Department, it looks like the bailout opponents were correct.

As flagged by www.BailoutSleuth.com, Paulson is blacking out the sections of government contracts that spell out how much private firms will be paid for their services in administering taxpayer money. Here’s a page from the compensation part of a contract with Bank of New York, which has been hired to do some of the bookkeeping (because, of course, the Bush administration is happy to privatize that function):

www.huffingtonpost.com/david-sirota/treasury-blacks-out-key-p_b_136030
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Originally posted by Fremdfirma:


...but thing is, we keep wiring shut the blowoff valve, then wondering what happened when the boiler goes kaboom and we wander round pickin up the pieces.

Far better to allow some blowoff here and there but making it worse always trying to prevent it, you know ?

I'd lay down some smack about fiat money and fractional reserve banking, but to be honest I lack the background in economics to argue this effectively, and so I will leave it to people who know better than me what the hell they're talkin about.

-Frem

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Originally posted by Fremdfirma:
Ayep, I concede superior knowledge of the topic to the rest of ya - but thing is, we keep wiring shut the blowoff valve, then wondering what happened when the boiler goes kaboom and we wander round pickin up the pieces.

Far better to allow some blowoff here and there but making it worse always trying to prevent it, you know ?

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Originally posted by piratenews:
That's SIR Alan Greenspan to you, mister!

Greenie is currently employed by the Queen of England and living in London, doing the same sabotage to the British quid.

Greenie's jewish wife is covert MI6 operative Andrea Mitchell. She is NEVER identified as Mrs Greenie on CNN, just like Greenie is never IDed as a jewish Knight of the British Empire. Her mission is to destroy USA for the NWO by brainwashing. She rears her ugly head most often during votefraud coverup season.











Communist China has owned Fox News since 1999, when Sir Rupert Murdoch, Australian Jewish Knight of the British Empire, married Deng Wen Di, a/k/a Wendi Deng, a card-carrying member of the Communist Party and citizen of Communist China. The Murdochs now live in Bejing, the capital of Communist China. The Murdochs own Fox News, Direct TV, TV Guide Channel, MySpace, The Sun pornographic 'newspaper', and now Wall Street Journal and DOW Jones in 2007 (to sell export of US factories and jobs as good for USA). Since the Communist Manifesto bans ownership of private property, the Communist Party of China now owns Fox News. The Commie Manifesto was written by Karl Marx in London England. The 6th Plank of the Communist Manifesto is "Govt control of communications and transporation". So Shaun Hannity, Bill O'Reilly and Rush Limbaugh are employed by Communist China.
http://en.wikipedia.org/wiki/Wendi_Deng
www.piratenews.org/fox-news-owned-by-communist-china.html



"As far as Chinese goes, I resented it."
-Adam Tudyk, The Making of Firefly
(censored by Youtube)

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Teddy Butler-Henderson, met Alan Greenspan in the 1960’s. They apparently discussed the Kondratieff Cycle. {the deep depressions that occur every 50 years or so, according to this theory} According to Teddy, Alan Greenspan confided that he hoped he could be Federal Reserve Chairman at the onset of a Kondratieff winter, because he felt he could defeat winter by substantially increasing the money supply and reducing interest rates to near zero.... Incidentally, Mr. Greenspan told Teddy during that same conversation that if he failed to thwart the Kondratieff winter, it would make what followed 1929 look like a ‘Sunday school picnic.’

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Originally posted by Fremdfirma:
Out2B - one thing I generally won't do, is try to argue a specific thing or topic if I don't have the knowledge to argue it effectively.

Yes, I know the value of hard currency and quite a bit of the perils of fiat money (google Roger Sherman, you'll find a right interesting handbill on the matter) but when it comes to economics, austrian, keynesian?, or any other type, frankly I don't have a damn clue of it.

That doesn't stop me from seeing all the flaws in a blatantly obvious bad idea, but I tend to reserve real argument for matters within my own competence, and economics sure as hell ain't one of em - at least not at any scale beyond trying to fill my fridge, pay the bills, and cussing the tax man the whole while cause his actions often make the other two an either/or choice.


-Frem

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Originally posted by SignyM:
I think the guy was a "true believer".

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Originally posted by AnthonyT:
I am probably in a microscopic minority.

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I do believe, however, that a Free Market is self-correcting.

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In the end, it depends on one of two beliefs.

A) You believe that the agony of the Free Market is worth the Freedom inherent in the system.
B) You believe that the agony of a loss of Freedom is worth a sense of stability and fairness in the Market.

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Originally posted by SergeantX:
Anthony!
Excellent post...

I've never seen this issue summed up with such clarity.

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