The Really: The scariest thing you can dress up as for Halloween is Alan Greenspan? Mask above.
Today in front of a Congressional committee, Alan Greenspan, the architect of free markets in America and the world in our lifetime is "shocked" that banks did not regulate themselves and their own risk.
If Greenspan had lived the life of the average American he would have seen that corporate governance and stewardship has been eroding away in increments for the last twenty years. It was the shift from the paternalistic business model of long employment with same companies, loyalty and benefits. When the "gunslinger" became President, it became every man for himself, and everyman was left at the chuckwagon with two sticks to rub together.
Banks did not manage their own risk? Yes but bank executives did: by taking their money up front in huge bonuses. Make no mistake about it. The Bush years have largely destroyed what was left of the fiction of the American Dream by selling the American people on cheap mortgages and unlimited credit just the way a three card monte dealer entices his customers or a MLM pyramid scam is proposed to its marks.
I got mine you go get yours will reduce America to the second-rate nation.
And so it goes.
And so it goes.
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