Tucsonbill

Wall Street Breakfast: Must-Know News

Alan Greenspan is like the child passing the cemetery--whistlling and saying what he does out of fear of the truth or of the unknown. His policy "enabled" the greedy in our system to commit their financial atrocities. "Just don't give a convicted felon a gun" would apply here. Maybe the metaphor is too harsh but the message is not. The low interest rates instituted by Greenspan did, in fact, encourage lenders to rapaciously feed money to the unwary among us.  There is fault aplenty to go around, but the beginning of the difficulty was Alan Greenspan's attempt to shift the losses in the high tech markets to another, broader market, namely the housing market. Could this broad action dilute the losses? said he. What actually happened was that he embroiled the greedy with the uninformed to create a much bigger credit problem enveloping the entire global structure. This was unconscionable. Only some among us would have suffered from bad judgement with the High Tech losses and our capital system would have had its painful day. But with our homes on the block almost all of our citizens were swept up in the losses and attendant credit crises. Now, it appears that the pain will be protracted and the solution unsure. God Bless/help America.