Alan Greenspan Not So Gnomic, Now That We Are All Doomed

[re=630041]freakishlystrong[/re]:
But they’re black so it’s okay. Ensign is rich and white, he’s sooooooh precious.

I much pefer August town hall meetings vs. watching distinguished “public servants” like Charlie and Maxine get falsely accused solely on the basis of their skin color.

[re=630046]DC Hates Me[/re]: FAP FAp Fap fap

wow, that guy really is an asshole

Well, Greenspamn’s comments may be shocking, but honestly I’m more interested in what’s so shocking about Jenna Jameson’s new video. Maybe she has some dire words about permanent structural unemployment as the new normal. I guess I will have to wait until I get home however.

Does anyone take Greenspan seriously anymore? After leading the collapse of the economy with his “the markets will regulate themselves” BS, he doesn’t have a credible leg left to stand on. His lifelong financial philosophy is now relegated to the dustbin of history. F- him.

didn’t St.Reagan and Cheney say that deficits don’t matter? so why does the GOP (God’s Own Party) get all upset about debt? they didn’t care so much about it when they were in power.

[re=630041]freakishlystrong[/re]: Or a certain diaper fetishist. Not a problem, and the media completely ignores him.

[re=630052]weejee[/re]: Too bad he didn’t say that back when he was getting support for the Bush tax cuts that created our current deficit.

[re=630054]WonderWomyn[/re]: why, thanks for your support lovely bespangled one.

[re=630055]JMP[/re]: Too true, but he did provide the Demrats a nice clip to use when they recess for the summer stump.

Both Greenspan & David Stockman say no to tax cuts. But Boehner says he doesn’t care economists say. Bill Kristol says the GOP should just shut up on Rangel (fearing Ensign’s upcoming indictment?). Meanwhile Fox News gets Helen Thomas’ old seat in the White House press room.

Greenie has spent a lot of time the last couple of years telling us, “Gee, I never thought investment bankers would put their own moneygrubbing interest over that of their companies!” Uh, yeah, Greenie, and I never thought you’d go marry a tootsie young enough to be your daughter. Perv.

[re=630082]chascates[/re]: Boehner did say, to FoxNews, in fact, that he didn’t listen to Economists or the GDP or the CBO, because he heard America — the America that I recall hated the stimulus and health care reform when he listened to it, too. TP has this.

The Nation has a good bit from three of the soldiers who were involved in the “Collateral Murder” scene Wikileaks leaked earlier. They talked about the “curtain of steel” philosophy that they were supposed to employ (“shoot everything”). The article ends with a mention that Patraeus is about to reintroduce that in Afghanistan.

Ronald Reagan, Alan Greenspan, and the Great Social Security Heist

When Ronald Reagan became President in 1981, he abandoned the traditional economic policies, under which the United States had operated for the previous 40 years, and launched the nation in a dangerous new direction. As Newsweek magazine put it in its March 2, 1981 issue, “Reagan thus gambled the future—his own, his party’s, and in some measure the nation’s—on a perilous and largely untested new course called supply-side economics.”

Essentially, Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!

Ronald Reagan and Alan Greenspan pulled off one of the greatest frauds ever perpetrated against the American people in the history of this great nation, and the underlying scam is still alive and well, more than a quarter century later. It represents the very foundation upon which the economic malpractice that led the nation to the great economic collapse of 2008 was built. Ronald Reagan was a cunning politician, but he didn’t know much about economics. Alan Greenspan was an economist, who had no reluctance to work with a politician on a plan that would further the cause of the right-wing goals that both he and President Reagan shared.

Both Reagan and Greenspan saw big government as an evil, and they saw big business as a virtue. They both had despised the progressive policies of Roosevelt, Kennedy and Johnson, and they wanted to turn back the pages of time. They came up with the perfect strategy for the redistribution of income and wealth from the working class to the rich. Since we don’t know the nature of the private conversations that took place between Reagan and Greenspan, as well as between their aides, we cannot be sure whether the events that would follow over the next three decades were specifically planned by Reagan and Greenspan, or whether they were just the natural result of the actions the two men played such a big role in. Either way, both Reagan and Greenspan are revered by most conservatives and hated by most liberals.

If Reagan had campaigned for the presidency by promising big tax cuts for the rich and pledging to make up for the lost revenue by imposing substantial tax increases on the working class, he would probably not have been elected. But that is exactly what Reagan did, with the help of Alan Greenspan. Consider the following sequence of events:

1) President Reagan appointed Greenspan as chairman of the 1982 National Commission on Social Security Reform (aka The Greenspan Commission)

2)The Greenspan Commission Recommended a major payroll tax hike to generate Social Security surpluses for the next 30 years, in order to build up a large reserve in the trust fund that could be drawn down during the years after Social Security began running deficits.

3)The 1983 Social Security amendments enacted hefty increases in the payroll tax in order to generate large future surpluses.

4)As soon as the first surpluses began to role in, in 1985, the money was put into the general revenue fund and spent on other government programs. None of the surplus was saved or invested in anything. The surplus Social Security revenue, that was paid by working Americans, was used to replace the lost revenue from Reagan’s big income tax cuts that went primarily to the rich.

5)In 1987, President Reagan nominated Greenspan as the successor to Paul Volker as chairman of the Federal Reserve Board. Greenspan continued as Fed Chairman until January 31, 2006. (One can only speculate on whether the coveted Fed Chairmanship represented, at least in part, a payback for Greenspan’s role in initiating the Social Security surplus revenue.)

6)In 1990, Senator Daniel Patrick Moynihan of New York, a member of the Greenspan Commission, and one of the strongest advocates the the 1983 legislation, became outraged when he learned that first Reagan, and then President George H.W. Bush used the surplus Social Security revenue to pay for other government programs instead of saving and investing it for the baby boomers. Moynihan locked horns with President Bush and introduced legislation to repeal the 1983 payroll tax hike. Moynihan’s view was that if the government could not keep its hands out of the Social Security cookie jar, the jar should be emptied, so there would be no surplus Social Security revenue for the government to raid. Although the Moynihan proposal was supported by the conservative Heritage Foundation, the liberal Institute of Policy Studies, and the U.S. Chamber of Commerce, it was vigorously opposed by the Bush administration. President Bush would have no part of repealing the payroll tax hike. He was not about to give up his huge secret slush fund.

The practice of using every dollar of the surplus Social Security revenue for general government spending continues to this day. The 1983 payroll tax hike has generated approximately $2.5 trillion in surplus Social Security revenue which is supposed to be in the trust fund for use in paying for the retirement benefits of the baby boomers. But the trust fund is empty! It contains no real assets. As a result, beginning in 2016, the government will be unable to pay full benefits without a tax increase. Money can be spent or it can be saved. But you can’t do both. Absolutely none of the $2.5 trillion was saved or invested in anything.
Allen W. Smith, Ph.D.
Professor of Economics, Emeritus
Eastern Illinois University
Website: http://www.thebiglife.net
Email: ironwoodas@aol.com
Phone: 1-800-840-6812

Greenspan is such a pedantic asshole. Bernanke is even worse.

As we continue to monetize the US debt, inflation will kick in — get ready, someday we will be just like Zimbabwe. We are freakin’ doomed.

Oh, and by the way, buy gold, silver and oil. Also.

[re=630049]Manos: Hands of Fate[/re]: but honestly I’m more interested in what’s so shocking about Jenna Jameson’s new video.

Seriously, isn’t this the chick that has been filmed stuffing her hoo-hah with everything from brightly colored plastic toys, to Major League Baseball players, to various forms of farm livestock? I wonder what can be considered shocking after that? But I’m way to scared to click.

[re=630205]Lascauxcaveman[/re]: Go ahead clicky! I promise you it’s not what you think it is.

The Atlantic headline reads “McCain Considers Hold on Clapper.”

McCain’s been holding his clapper for years.

[re=630041]freakishlystrong[/re]: John Ensign’s “family value” = $96,000.