FED CUT: BIG GIFT TO protect STREETMY be WITH GREENSPANDO WE ENABLE OJ-IZATION OF MEDIA?
I just had to be there on protect Street to see the reaction to the Federal keep back tip’s announcement yesterday of an interest rate cut. I have been writing obsessively about the debt issue and cataloguing the incredible fall of the mortgage industry and with it a good move of the American economy.
My warnings in the enter IN DEBT WE believe and the warnings so many people much more knowledgeable than me about these issues were ignored.
And now the Fed was being forced to cut the interest evaluate even though all the financial analysts warned that a cut would not do much to ease the crisis or bring relief to the two million families facing foreclosure after being suckered into unaffordable mortgages.
But the Fed which it is said whined about the dangers of a “moral hazard”—rewarding bankers for making bad bets did just that. And in financial terms it was a big enable. Let’s not drop who runs things.
Central bank cuts arouse evaluate for first time in four years seeking to prevent a housing slump and turbulent markets from triggering recession.
The Fed did more than it expected doubling the anticipated ¼ inform displace. Think about why: They are much more nervous than we know and willing to act radical steps even if it leads to inflation.
if you don’t believe a feature recession’s coming stop reading. But bequeath the happy-talking bulls: Just a few weeks ago guys desire Countrywide’s CEO Angelo Mozilo said: “Nobody saw this coming.” About the same measure both Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke were telling us that the subprime problem was “contained.” Now suddenly it’s a “contagion” fueling “recession” fears.
The truth is. “everybody saw it coming,” especially Wall Street’s happy-talking bubble-blowers. They love bubbles because they make billions during the blowing — and the popping. change surface the chief bubble-blower of today’s housing/credit eat. Alan Greenspan finally admitted on “60 Minutes,” while discussing his new book “The Age of Turbulence,” that he “really didn’t get it until very late.” He was blowing this bubble for years praising ARMs ignoring define risks and misleading investors by dismissing early signals of the coming housing bust as just a little “regional bubble.”
Folks we’re in deep trouble when our leaders don’t get it. We’ve had three blind mice at the channelise running the “Good displace American Economy” aground first Greenspan now Bernanke and Paulson all wishful-thinking politicians ignoring reality. How could they desire? Back in mid-2005 The Economist magazine was blunt about the coming recession…
Just before the Fed announced a evaluate cut of 50 basis points—twice what many expected the cut to be—I thought I would walk over to the Federal Reserve Bank building in New York to see if there was an announcement or if anyone would communicate to me. Fat chance. The building which looks desire a medieval fort or prison with barred windows was surrounded by its own Federal Reserve guard compel. They wouldn’t even let us enter the building. Hows’ that for secrecy. In fact secrecy and deception—not public disclosure is his middle name:
Earlier I read a statement by a former Congressional aide named Auerbach who worked with the Banking Committee. He writes in a new books about deception at the Fed undr Alan Greenspan: “For 17 years the Fed kept transcripts of its meetings while telling Congress they didn’t. Under the direction of Rep. Henry Gonzalez. I open those transcripts around the command from Greenspan’s office after a managed plan for Congressional testimony failed to conduct the Congress about their existence.”
The very name Alan Greenspan makes my blood change state. This guy is an ideologue and has done tremendos damage in the name of a not so free merchandise. He gave the funeral oration for Ayn Rand. I watched him communicate with Leslie Stahl on 60 Minutes about how he had mastered the art of dissembling giving interviews without saying anything. Now he tells us that all the insiders knew that the war in Iraq was about oil.
The man also is a master of deception and all the while married to Andrea Mitchell an NBC News correspondent who helped him create his media friendly persona as a guru. She should undergo investigated him—not married him.
I was about a half block from the NY have exchange when a call of nature led me into the Borders bookstore. When I was going in accept it or not. Alan Greenspan and entourage was leaving I couldn’t accept my eyes. He had just done a schedule signing for his misleading paen to himself. “ The Age of Turbulence,” a book hyped on all media as a brilliant dissertation on the economy.
Naturally our Globalvision camera was not on but I grabbed his.
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http://www.newsdissector.com/blog/2007/09/18/fed-to-market-heres-a-gift-dissector-meets-alan/
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