Sunday, August 24, 2003

Greenspan, the puppet, another Media Miss
Alan Greenspan, Chairman of the Federal Reserve Board, has a lot of power to change short term interest rates, which can have a lot of impact on the economy. The story goes that, when President Clinton took office, Chmn Greenspan said "keep spending in check, or I will screw you and raise rates, ruining America to teach you a lesson" Well, President Clinton was more centrist than other post-WWII Democrats, and he was facing the most conservative Congress since the collapse of the McCarthy machine, or for whatever reasons, Clinton appears to have played along. Greenspan, after all, is particularly skilled at what he does. Now, in the run up to the 2000 election, Greenspan raised interest rates 6 times. In the aftermath of the election, rates were lowered 13 times. Bad storytelling apologies, that stuff is just background. Bush was elected. Within a month he was meeting with Chmn Greenspan at a Hotel (the Watergate?) to discuss economic "policy." Please recall that Bush said it was a principle that no one should pay more than a third of their income in taxes. From what philosophic source does this principle emerge? What axiom of human personality? We don't know. Interestingly enough, Bush's own taxes are under 1/3 (and he made 800,000 in 2001) and Arnold Schwarzenegger recently revealed he pays SIGNIFICANTLY less than one third, on over 57 million in income. In other words, Bush makes up principles that aren't being violated and changes laws to, well, I dunno, hook up the rich. Greenspan had been against cutting taxes for over 15 years, saying the deficit was more important, and that it should be dealt with, first. Greenspan puts spending increases and tax cuts in a similar basket, hoping always for deficit control rather than either of those aims. After a meeting under 20 minutes with Bush, Greenspan "changed his mind." Am I supposed to be stupid? Am I flaming idiot? Does it say "MORON HERE: PLEASE MISINFORM?" What do you think Bush said to Greenspan? If he had such an intelligent argument, why not make it public? There was no argument, there was no debate. Greenspan is a puppet of the GOP. In the 11 months after the election, Greenspan dropped rates 13 times. Greenspan is manipulating interest rates for partisan gain. People DIE because they can't get enough money, and Greenspan is willing to fuck with them, to kill them, to get his fascist friends elected. That is story one of Greenspan being a corrupt puppet. Story two comes about one year later, over New Year's Eve, and it shows Chmn Greenspan taking his punishment like a dog. He had helped the Senate Democrats draft an alternative to Bush's 1st Tax Cut, so Bush called him to the White House. Analyze the video... Greenspan won't make a comment walking too the White House, he doesn't answer any questions while in the "press conference" with President Bush, and in fact when a reporter pointedly asks Chmn Greenspan a question the President interjects, telling the reporter where he can find the Chairman if he needs to ask him a question (at his office, monday through friday, at the Federal Reserve Bank HQ). It was frat boy pranks.

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