Tuesday, September 24, 2013

A Few Words From Alan Greenspan

Mr. I can go along, get along and do the bidding of whomever is in the Oval Office has no political magic, but he is a solid economist and financial analyst when he gives himself a chance. In his forthcoming book Greenspan says, 
Robert Rubin, Alan Greenspan and Larry Summers
"financial crisis lurks should we fail to resolve our deeply disruptive fiscal imbalance. And that imbalance is far greater than the official data portray [because of contingent liabilities to the U.S. government from possible rescues of large financial firms and iconic nonfinancial firms] … At risk is the status the American economy has held as the preeminent world economic power for more than a century. … … The bias toward unconstrained deficit spending is our top domestic economic problem.” 
Which in view of my agreement is why I endorse virtually all across the board or broad based spending cuts (which are mostly constraints on spending growth) and why I have supported positive economic measures (they generate tax revenue rather than consuming it) and the very few broad based tax increase measures that have been put forward. But never trust the gifts that Greenspan and his fellow travelers (pictured above with Democratic Treasury Secretaries Robert Rubin and Larry Summers, his compatriots in wrecking the banking system) bring you in the political sphere -- never, ever.

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