2snazzy

Looking for a Cause for Thursday's Sell-off? Blame Greenspan

Yes, Greenspan pushed low interest rates as a cure for a sagging economy after 9/11. It was like pushing booze to a chronic alcoholic. The real culprits in this sorry saga were the mortgage sharks who saw an opportunity to take advantage of a rising real estate market, and more importantly a Republican majority house and senate who continued to legislate in favor of "Big Business" by refusing to enact the controls that were just placed on the mortgage industry. The motto of the party in power is "What is good for Big Business is good for the country." The truth is that capitalism does not have a conscience, and if you let Big Business run without any checks or regulations, you will get abuses, and we did. Now we're paying for the abuses. Maybe Greenspan should have been smart enough to see the results of his cheap money policies, but ultimately the mortgage industry should have been regulated long ago, and our good friends in the Republican led Congress were drunk on power and rich on the funds being provided by the Big Business lobbyists.