worldnetdaily.com
Greenspan with envy
© 2001 WorldNetDaily.com
Excuse me, have you seen the soft landing? Anyone know
where the bull market went? In January we were OK, coming
back, getting up off the carpet. In March there is madness as
the U.S. economy is sinking faster than Leonardo Di Caprio's
career.
So what in God's name happened? Technology guru George
Gilder is blaming Fed Chief Alan Greenspan. Gilder writes,
"Six interest rates in the face of falling prices and a strong
dollar were the cause of the tech explosion." Simply put,
Gilder believes Greenspan strangled the tech expansion with a
vengeance the Boston Strangler would have envied.
Is that true? Well, Greenspan will never tell. In fact the most
powerful man in the world doesn't answer questions from
the media. Occasionally he trots up to Congress and bores
everybody silly, but he would never sit down and explain in
plain English why he failed to cut interest rates last fall when
even Pamela Anderson knew the economy was shaky.
Alan Greenspan is out of control. Take that to the bank. The
guy messed up big time and now will not explain himself.
The last time Greenspan was seen in public was at the
ultra-expensive "Le Cirque" restaurant in New York City.
Have you ever been to "Le Cirque"? It's good, but you won't
get out of there for under a hundred bucks and that's with a
glass of wine not a bottle. While millions of Americans are
watching in horror as their mutual funds wither, Greenspan
is living large. Let 'em eat cake.
President Bush says he has "confidence" in the nation's
economy. Based on what, I ask? Profits are dropping all over
the place, and corporate spending is taking a dive. Nobody
knows what the heck Greenspan is doing, and there is no way
to find out. Yes there was a speculative bubble and we all
know markets go up and down. But there is a growing
concern that this stunning decline was man-made.
Mr. Bush better go over to the Fed and bring Don Corleone's
consigliere Tom Hagen with him. Somebody has some
explaining to do and it's not Ricky Ricardo. The president
should "suggest" Greenspan provide some answers.
Americans are angry and confused and have good right to be.
Millions of us have our retirements, children's education
funds, and annuities invested in corporate plans heavy on
stock funds. We need some information here, Mr. President.
If Greenspan is losing it, the American people have a right to
know.
This whole scenario is frightening.
Greenspan's salary is paid by the taxpayers, but the president
cannot fire him. The Fed chief is appointed for a four-year
term and has tenure during that time. That system was put in
place to avoid powerful politicians interfering with monetary
policy for political gain. I understand that. What I don't
understand is why Greenspan and his Fed gang are not
required to hold monthly press conferences to explain to the
country how they see the economy.
Think about this for a moment. This guy Greenspan holds
sway over you and your family. He makes decisions that can
change your life in a heartbeat. Yet he is unaccountable to you.
And where is the press in all this? Where they usually are in
times of crisis? Missing in action.
Somehow the elite media bought the Greenspan myth, that
his wisdom was somewhat responsible for the great economic
prosperity of the '90s. Hey, maybe that's true. But that was
then, this is now. Things are going south fast and nobody will
explain why when America continues to dominate the
technological revolution and there is no inflation or
worldwide threat to prosperity.
If George Gilder is right and Greenspan purposely strangled
the stock market because he feared "irrational exuberance,"
then we need to know that. This country is supposed to
operate on the free-market system. Not the "Greenspan
sabotages market" system.
This Greenspan-economy deal is the most important story to
come along in years. And we will not get the truth from the
money-spinners on TV who want you to keep buying
whatever they are selling. No, illumination will not be
provided by the media or by Mr. Greenspan. It can only come
from millions of Americans demanding answers from their
elected officials. Send Mr. Bush a quick note saying you don't
appreciate being kept out of the Fed loop, that you would like
a few explanations.
They are messing with our families and our futures here.
This is not a Monica Lewinsky type problem. This is a
"hurting us where we live" type problem. And we have a
right to know what's going on.
Veteran TV news anchor Bill O'Reilly is host of the Fox
News Channel show, "The O'Reilly Factor," and author of
the best-selling book, "The O'Reilly Factor: The Good, the
Bad, and the Completely Ridiculous," available at the
WorldNetDaily storefront. His WorldNetDaily column is
now syndicated internationally. |
