As I have said, the “meltdown,” starting in 2007, was caused by the Federal Reserve Board raising interest rates 525 -percent from 2001 to 2005. Alan Greenspan was the Fed Chair overseeing the “train wreck.” He and the other appointed members of the FRB knew that millions of mortgage and millions of business loans would “crash and burn.” How stupid, hateful and mean (you supply more adjectives).
CNBC just had Greenspan interviewed about the “fiscal cliff.” His answers were, “the Fed is not as important as you would think.” Really Alan? The current Chair, Bernanke, would not agree. Otherwise, why is the Fed buying toxic bonds and mortgage bundles to give bankers liquidity?
Look fans, this is not rocket science. It’s fundamental; we need more and more stimulus. That’s how Roosevelt got our economy slowly recovering. Greenspan says it’s not needed. Then he spoke “gobbledygook” theories that made no sense at all.
This is the same expert who said recently about the fiscal cliff — “bring it on!”
You’ve got to spend money to make money. Since business doesn’t want to, the Federal government must. A series of “stimulus” bills are needed — now. Once we recover, we can address the debt.