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Snowballs in Hell Alert...



August 13, 2008 – Comments (3)

I've been saying exactly this for weeks now.

His quarrel is with the approach the Bush administration sold to Congress. "They should have wiped out the shareholders, nationalized the institutions with legislation that they are to be reconstituted -- with necessary taxpayer support to make them financially viable -- as five or 10 individual privately held units," which the government would eventually auction off to private investors, he said.

But that there's Greenspan. Seems Dr. Ponzi, the man who started, ignored, denied, then feigned surprise at this housing bubble, has finally gotten some religion.

Not enough, however. He predicts a housing bottom in early 2009, then goes on to say prices could keep drifting down from there. WTH do you mean by bottom then, Al?

3 Comments – Post Your Own

#1) On August 13, 2008 at 10:14 PM, misterpickles (< 20) wrote:

Dear Mr. Greenspan,




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#2) On August 13, 2008 at 10:26 PM, abitare (30.12) wrote:

"In the absence of the gold standard, there is no way to protect
savings from confiscation through inflation. ... This is the shabby
secret of the welfare statists' tirades against gold. Deficit spending
is simply a scheme for the confiscation of wealth. Gold stands in the
way of this insidious process. It stands as a protector of property
rights. If one grasps this, one has no difficulty in understanding the
statists' antagonism toward the gold standard."

Quote by:Alan Greenspan
Chairman, US Federal Reserve Bank Source:from the book "Capitalism, the Unknown Ideal" by Ayn Rand with additional articles by Alan Greenspan - 1967

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#3) On August 14, 2008 at 2:47 PM, FleaBagger (27.49) wrote:

You ought to know by now that once something gets nationalized, it never gets privatized again.

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