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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (70891)	12/29/2008 7:34:15 PM
From: Maurice Winn	1 Recommendation Respond to of 74559

Hi Sam. Alan Green$pan's job was just to maintain the US$ as the pre-eminent currency and return profits of control to the owners of that currency. His timing was a bit off, but otherwise he did just fine. My two criticisms were that he was a bit too slow in Y2K to lower interest rates and too slow to raise them again 2 or 3 years later. But that was small compared with the rest of circumstances. People often like to blame somebody else for their own failings. I didn't borrow money to buy over-priced houses because I could see it was a bad idea. Those who chose to do so are now looking for scape-goats rather than blame themselves and they are also looking for OPM as bludgers do. Our daughter worked for British American Tobacco. I don't consider her a low life drug pusher preying on others' weaknesses. She was supplying cigarettes to people who want to buy them. If they want to whine and blame her for their choices and lung cancer, that's their problem. They should do as Bill Clinton did and not inhale. It's simple. The US$ is still more or less valued where it has been for decades versus other currencies. So Green$pan did a reasonable job of keeping it steady. Congress runs the laws controlling financial institutions, car companies, insurance companies, tariffs and so on. All Alan did was run the money. It was up to banks and shareholders to ensure they were investing wisely and had assets to back the loans they made instead of useless credit default swaps backed by a mud hut in Zimbabwe. Mqurice