Monday, May 03, 2010

Greenspan loves secrecy = we must Audit the Fed!

The HuffPost's Ryan Grim reports on Alan Greenspan's opposition to good government and his assistance in creating our economic meltdown:

As top Federal Reserve officials debated whether there was a housing bubble and what to do about it, then-Chairman Alan Greenspan argued that the dissent should be kept secret so that the Fed wouldn't lose control of the debate to people less well-informed than themselves.

"We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Greenspan said, according to the transcripts of a March 2004 meeting.

At the same meeting, a Federal Reserve bank president from Atlanta, Jack Guynn, warned that "a number of folks are expressing growing concern about potential overbuilding and worrisome speculation in the real estate markets, especially in Florida. Entire condo projects and upscale residential lots are being pre-sold before any construction, with buyers freely admitting that they have no intention of occupying the units or building on the land but rather are counting on 'flipping' the properties--selling them quickly at higher prices."

And Chris "I've officially sold out to Wall Street" Dodd still opposes an audit of the Fed. But since Dodd is officially a sellout and his financial deform reform bill may come up for a vote tomorrow... I request that Senator Lieberman end his sellout of Nutmeggers in favor of Wall Street and oppose Dodd's bill... at least until it includes a very basic audit of the Fed. And since Joementum is nearly certain to oppose good government here... at this point I'm guessing I'll be actively working to oppose his reelection for the next 30 months.

Oh yeah... almost forgot... if it's Harry Reid who tries to quash Bernie Sanders' Audit the Fed bill, then maybe I'll even get involved in defeating Reid too. I'm so tired of these guys.

Tim White

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