Wednesday, November 09, 2005

Medal of Freedom For Greenspan

Payback--Birds of a Feather–It Takes One to Know

Today in awarding the Medal of Freedom to the Fed Head President Bush said:

"The era of Chairman Greenspan will always be known as one of phenomenal
economic growth, high productivity, and unprecedented innovation and opportunity
for all our citizens. He is a believer in economic freedom, open and flexible
markets, and boundless human creativity. In his 18 years as Fed Chairman, he
applied those principles with consistency, with calm, and with wisdom."

It should have come as no surprise that President Bush elected Fed Head Greenspan for the Medal of Freedom, after all it was Greenspan that has helped Bush immeasurably. Consider:

Fiscal House in order. By persuading President Clinton to pursue fiscal austerity Greenspan prevented the Democrats from pursuing their ‘supposed tax and spend policies.’ This kept the budget in balance and paved the way for Republican plunder. It also got the Democrats to pursue Republican mean-spirited and tough love policies such as welfare reform.

Stock Market Bubble. The Greenspan bubble created a mood of irrational exuberance and moral hazard in the country. The business of America again became business as Hoover told us. It also made corporations and the wealthy flush with cash, who made right wing think tanks and right wing initiatives flush with cash. It also made the Treasury flush with cash and ripe for a tax cut.

Endorsed the Tax Cut. Fed Head Greenspan’s blessing of Bush’s 2001 tax cut helped its passage.

A Strident Voice for Business. Greenspan like Bush/Cheney has always been a strident voice for big business. When it seemed inevitable that business was going to succumb to new regulations, such as with the collapse of Enron, the Fed Head was there firmly defending free markets and preaching no intervention. This helped insure that if any of the Big Boys benefitting from Bush/Cheney fell off the wagon Alan was there for the rescue.

Bush and Greenspan are birds of feather who care little for the poor and push a hypocritical agenda of to the victor, or the victor’s friends, belong the spoils. So in a way Bush was rewarding a person who is a lot like him. Consider:

Keep the Poor in their place. Greenspan has overseen the greatest rise in disparities of wealth and income inequality in America’s history. Under him financial deregulation has morphed into a Jim Crow system of banking. The poor are now un-banked and are forced to depend upon pawnshops, payday loans, rent to own stores and check cashing outlets for their banking. By making wage inflation his bogey man Greenspan insured that wages would remain stagnant while he was Fed Head. Did Katrina expose Conservatism and Bush, or Greenspan?

Take care of your friends. Bush is noted for his loyalty to his staff and for political pay back to his friends and corporate sponsors. Greenspan has been the bailout king that has bailed out institutions and speculators beginning when he first took office with the stock market crash of 1987. Any whiff of trouble and Al would sluice the pipeline with easy money.

Secrecy. Both men shroud themselves in secrecy. Greenspan is noted for his Greenspeak and has been cited for not turning over the minutes of Fed Meetings, choosing instead to shred them.

There should be no surprise that Bush nominated Greenspan. They are both ruthless and meanspirited people that have forced their reckless vision of the world upon us.

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