Greenspan has a new book which highlights just how clueless he was and still is. He likes to claim his low interest rates had nothing to do with the housing bubble. Partly true, the low interest rates coupled with crooked bankers and mortgage brokers using low interest rates as a hook to snag unsuspecting home buyers into the system so they could collect fees and sell derivatives that bundles of these goodies would fail , dragging in the real money.
Now the brilliant one says that entitlements have led to a decrease in savings. Oh shit, Alan how fucking stupid can one guy be? It couldn't be that hundreds of thousands of good paying blue collar jobs have gone overseas to be replaced by part time and low wage jobs. Could the fact that half the children in school are classified as living below the poverty level..or could it be that half of the working stiffs have a family income below 50K .
From Volker to Greenspan to Bernake the finances of this country have been led from one blooming idiot to another. All free market types they have brought us to the sands of destruction we are wallowing in right now. All served presidents that put forth different pictures of what they were but underneath each and every one screwed the working man in well hidden plans from the naive public who for a time believed the bullshit they threw out.
As pointed out above Greenspan that is touted as this genius believes savings are down because entitlements are to high. Somebody needs to tie down my steam reliefs before they pop. You can hope all these supposed learned men actually know better , but they keep undoing any idea that they have a clue what is happening in the real world. A world we sit in an watch the EU destroyed by sweeps of austerity plans ripping apart lifestyles that have existed for a very long time.
So here we sit in America with a supposed democratic president (Obama) yet to show one democratic hair rumored to be ready to negotiate away parts of the entitlements keeping hundreds of thousands out of starvation . Why, to satisfy a small (30 or so) nut job teabaggers wanting to destroy the entitlements by insisting on austerity measures that have proven just in the last few years , over and over again they bring disaster. All this negotiation to Obama care at best a questionable program that keeps the insurance companies in the trough getting fatter and fatter. Do the good parts justify the program when so many bad parts exist. Your call. But I don't think we should take away from the entitlement programs to save parts of the plan.
The president has the trump card in his hand, They have stretched the negations out into an election year putting the house seats in an unenviable spot. Do they dare shut the government down, or let us go into default, I doubt that even they are not stupid. So if entitlements are reduced , look straight at Obama as it will be his fault alone.