Speaking of easy money Al, a slight tangent: Mr. Greenspan, after insisting for months that his low rates contributed not one iota to America's constant bubbles (which everyone has laughed at) now has switched excuses. Now he says Congress essentially forced him into low rates to keep the housing party going... can you believe this guy? So much for the mandate of price stability and full employment ... I must of missed the part of "keep housing bubble going under Congressional pressure". The one point of truth is he finally admitted the Fed is not really independent....
- Former Federal Reserve Chairman Alan Greenspan chastised critics on Wednesday by pointing out that Congress pushed the U.S. central bank to make sure lending to poorer Americans kept rising in the 2000s.
- "There's a presumption that the Federal Reserve's an independent agency, and it is up to a point, but we are a creature of the Congress and if ... we had said we're running into a bubble and we need to retrench, the Congress would say 'we haven't a clue what you're talking about'," Greenspan said.
This 12 minute video is a good introduction to what the heck is going on this country for your friends who find all this financial stuff difficult to understand. I only hope Dylan is not removed from the GE (soon to be Comcast) family, since he seems to be one of the only guys left who doesn't say "all the sins of the past are ok & no changes need to be made since the stock market is now up 392 of the past 467 days".
(email readers will need to come to site to view) Pass it along....