I’ve always been vocal of my disdain with Alan Greenspan; I believe he’s pompous and his academic approach to life has served no one, especially when in his role as the chairman of the Federal Reserve. In yesterday’s edition of Financial Times, he only reiterated those reasons many have lost faith in him and his elitist approach the American economy. Yesterday’s editorial, “Fear undermines America’s recovery”, he states that “it is going to take years to address the unprecedented complexity of final rulemaking required in the massive Dodd-Frank bill”. You think? He
then says rules that will dictate the financial marketplace are “disturbingly conjectural” – but isn’t this exactly what he and his powerful cohorts put into place while he was still in the role of chairman? For him to now determine it nothing but conjecture only proves what millions feared when these ridiculous rules were established. For him to say that fear is the reason America’s not recovered from a devastating recession is infuriating. That fear that Americans live with are due to his decisions, his policies and his willingness to allow illegal activities to continue when he knew what was going on.
This country’s slow recovery has nothing to do with American’s fear. Oh, there’s fear; make no mistake. Allow me to separate the two. First, let’s take a look at the very real fear far too many Americans are living with:
“Food stamp recipients at record 41.8 million Americans in July, U.S. says” (Bloomberg, October 5, 2010).
“One in seven Americans is living in poverty, Census shows (Third consecutive year rate has climbed)” (Washington Post, September 16, 2010)
“Initial Unemployment Claims Rise Unexpectedly” (U.S. Labor Department, September 23, 2010).
“$162 Million Stimulus Money Still Not Disclosed” (USAToday, October 6, 2010).
Now, here are a few reasons the recovery remains non-existent:
“Smaller Firms Could Have Run U.S. Toxic Funds” (MSNBC, October 6, 2010).
“Congress Can’t Repeal Economics” (Fox News, October 7, 2010)
“313 Economists to Congress: Tax Hikes Constitute “Anti-Stimulus” (Fox Business, September 23, 2010).
While fear is a daily part of many Americans’ lives, Greenspan confuses fear with anger, distrust and frustration. He and the many selfish politicians spun the decisions they made to the point of it being so confusing and so twisted that few could understand it. One thing that’s not misunderstood, however, is the result of their selfish motives. The time for Greenspan’s blame laying game is over. It’s time to take responsibility for his role in this disaster.