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View Diary: Graphing Rising Income Inequality, the Trademark of Neoliberalism (282 comments)

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  •  Greenspan was lying, but not just to cover his ass (6+ / 0-)

    He was lying all along. I've written at great length about why. For example here.

    Feel free to read it if you have a chance, but to sum it up, it's a shrewd reading of the macho crisis that came from the closing of the American frontier and closing in of the built environment around the capitalist American. Cowboy capitalism was the result.

    I don't know half of you half as well as I should like, and I like less than half of you half as well as you deserve. ||@totushek on twitter

    by tote on Fri Aug 19, 2011 at 05:52:43 AM PDT

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    •  Great Diary (5+ / 0-)
      Recommended by:
      ybruti, tote, emal, The Lone Apple, divineorder

      this is KEY:

      "I Made a mistake in presuming that the self interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms" (Bloomberg).

      This gets to Greenspan's (and others) uttey naivety regarding human nature, i.e. greed.

      His feeble excuse above is IMHO a back door comment regarding the obvious folly of getting rid of Glass-Steagall which essentailly gave a license to the big banks to run amok with their risk taking and gross lack of liquidity to cover that risk.

      people way smarter than me saw the problem buidling/coming (Brooksley Born) and clearly raised a BIG red flag, well before the crash-- and she was promptly run out town on a rail by guys like Summers and Rubin.

      "I don't feel the change yet". Velma Hart

      by Superpole on Fri Aug 19, 2011 at 06:10:06 AM PDT

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    •  Greenspan's housing scam was deliberate (0+ / 0-)

      He managed to buy off the white middle class with a housing escalator while subsidizing the real-estate industry and obscuring the catastrophic economic effects of Bush's wars. Bush never would have been close enough to steal it again in 2004 if not for Greenspan's bubble - and if had lasted just another year, they would have had an excellent chance of holding the WH.

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