So here are three major factors that contributed to our country's world's current financial misfortunes: prolonged periods of historically low interest rates (even negative real interest rates), the complete deregulation of such derivatives as credit default swaps, and encouragement from Washington that the inflated housing boom was nothing to worry about. It's rare that you can pin so many large factors on one person, but, well, former Fed chief Alan Greenspan set the low interest rates, led the pressure on Congress to keep derivatives markets wholly deregulated, and was the voice from Washington that said everything was fine.

And so today, in Congress, Greenspan testified and admitted that he was "partially" wrong on one or two things. Oh, that Alan! How is his ass not in jail for 500 years? Even more comically, the congressmen holding today's hearing all took their big swipes at Greenspan, even though they're just as rotten for doing whatever he told them to do for many years, because they didn't understand finance and probably didn't want to make a "fuss."

This is what happens when people masturbate to Ayn Rand too furiously: blindness. Not just an urban legend!

Greenspan shocked at credit system breakdown [Reuters]


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