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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (19071)	12/20/2004 2:59:27 PM
From: mishedlo	Read Replies (3) of 116555

Rodger Rafter replies to the Greenspan article by Fleck From Rodger: That was a great article, for its historical content. However, you can either go the polite route and assume an amazing record of incompetence on the part of Greenspan and the Fed like Fleck, or you can realize that the apparent mistakes of the Fed have consistently worked to the benefit of the Fed's true constituents (big Wall Street bankers) and that they are not accidents or mistakes at all. Just as the Fed wiped out the bankers' competition from the Savings and Loan industry with bad policy in the 80s and early 90s, the plan now is to wipe out the competition from the GSEs, mortgage insurers, and the host of high-risk mortgage lenders who've risen to prominence and fueled the incredible credit expansion of the past 10 years. Greenspan is a pathological liar. Nobody does a better job of consfusing and misinforming Congress and the American people. That's why he got the job. The only time you should trust him is when he is talking to bankers.

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