Sunday, March 21, 2010

Peter Schiff: Alan Greenspan - just admit you screwed up already!!

The Duke comments on the recent thoughts of Alan Greenspan and Ben Bernanke. He accuses Greenspan of being the worst American there has ever been, worse even than the eponymous Connecticuter traitor, Benedict Arnold. As Keanu Reeves might have put it, Whoah!

Greenspan has blamed a lack of regulation and a failure of capitalism for the current crisis, whereas Schiff contends that if a road traffic accident was caused by alcohol, then Alan Greenspan would have been the bartender. Most of the problems stem from the mortgage bubble, and this was fed by Greenspan's low interest rates.

Schiff quotes from 2004, where he predicted what would happen as a direct result of Greenspan's low interest rates. Obviously, Mr Schiff was bang on, whereas the self-absolution of Alan Greenspan is just head-banging.

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