Tuesday, March 20, 2007

For The Time Capsule

I'd rather pay up for Paul Volcker. But I'm old-fashioned like that.


Anonymous mayo said...

Liquidity, liquidity everywhere but not a drop to drink!
-The Rhyme of the Recent Borrower

Recently Allen Greenspan supported increased high tech immigration, opining that upper wage immigration would in effect cap high wage earner's salaries by duplicating, within our borders; the current trade policy of aligning our low wage workers income by increasing the availability of a lower cost global workforce. How aligning, i.e. lowering, the current wages of Americans dove-tail with Maestro Greenspan's comment that if home prices go up 10 percent, the subprime mortgage problem will disappear, I will leave to those better versed in Heuristics. But lets recall that former Fed Chairman Alan Greenspan urged homeowners to shift from fixed to floating rate mortgages only months prior to raising interest rates. As Caroline Baum quipped in her column, if Allen keeps talking he'll go from Who's Who! to Who's He?

It's well known that Allen Greenspan, The Maestro, is an admirer of the late Ayn Rand. It's less well known that Rand often referred to him, as the Undertaker; ironic from a source so often sighted as the Diva of the free market. If congress continues to support a path to endless war paved with tax-cuts or an economy supported by debt swaps it will share Allen's lessor known monicker as well.

3/20/2007 12:10 PM  
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