The financial elite, shaft-ers of the universe, masters of us all wanna bees, saw fit this past weekend to drudge up the corpse of Allan Greenspan (I am sure the real one was born old and died years ago) parade him in front of the mainstream to shrill for what, "I told you so", perhaps? His post retirement veneer is in bad need of a good make over now that the ponzi tower Greenspan built is careening over and crashing down.
The United States must move to rein in its massive budget deficits or it faces the risk of a bond market crisis, former Federal Reserve Chairman Alan Greenspan said on Sunday.
"We've got to resolve this issue before it gets forced upon us," Greenspan said of the ballooning U.S. debt levels.
Yu think Al? Well thanks again for the warning, too little and too late. You see this is the same elite who warned us about the irrational exuberance in the stock market. Yea that'd be the irrational exuberance as a direct result of the bubble he just blew. The bubble burst after the FED chief raised interest six times in a row to bring the dot com crashing down on millions of pension funds and retail investors and nobodies you and me. Then the blind old sage swore there was no housing or credit bubble. Wrong again Al!
So, now the single greatest culprit in creating the greatest debt-flation super nova on the verge of implosion in history warns of its only possible consequence.
"The only question is, is it before or after a bond market crisis? Because there's no alternative," he said.
That one comes like an S&P downgrade of Lehman or Bear Stearns after all the vultures had picked over the cold dead bones. This shrill may provide a fig leaf for posterity, but it aint helpin any taxpayer buried under the US national debt, let alone those locked into bonds, Treasury or others.
Thanks for nothin Al.