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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 374.96+0.2%Nov 19 4:00 PM EST
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To: THE ANT who wrote (109482)1/4/2015 4:27:53 PM
From: Maurice Winn  Read Replies (1) of 217884
 
He didn't do anything wrong: <When Greenspan was at his peak of prestige I was saying he would someday be one of the most hated men in America.> People borrowing money to pay too much money for things was the main problem, especially for them. People lending them the money, which they had borrowed from other people, was a problem not so much for the people employed to make the loans as they got big bonuses, but for the shareholders of the companies employing them, and the creditors of those financial businesses.

Why hate the person who was in charge of keeping the money supply more or less stable, near enough for government work? He had nothing to do with it. It's impossible to save people from stupid. They will find a way. Recently, I did a very good job of it all on my own. BIG stupid. Lost money. I suppose I should blame somebody else, but then I'd perhaps not learn some valuable lessons in self-management. I suppose I could blame central bankers for diluting the money, which made me too keen to do something with it instead of just keeping it in a bank account. Or I could blame the useless managers. But that would be only a minor contribution to the mistake.

Mqurice
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