Greenspan's call for cuts in Social Security and Medicare will likely
fall on deaf ears.
With corporations cutting back and moving off-shore, and with job
quality declining in the US; the need for more and greater social
spending is evident.
Greenspan, as always, seems to be trying to make the US safe for the
rich, and greedy Global Capital!
And, he has little or no compassion for those who are hurt by
the predations of RAMPANT GLOBAL CAPITALISM.
Indeed, Greenspan's notion that the social safey net should be
further cut, coming one day after he admitted that Freddie and Fanny
are becoming virtually the NEXT S&L CRISIS, is worrying.
GREENSPAN HAS RUN THE US ECONOMY FOR 20 YEARS, AS IF, ONLY THE RICH
MATTERED!
ONLY GLOBAL CAPITAL HAD THE EAR OF GREENSPAN'S FED, DURING THIS TIME OF ECONOMIC AND SOCIAL DECLINE IN THE US.
True, some workers were allowed to take on more debt!
And, some were allowed to participate in the ASSET INFLATION AND THE BUBBLES, both in real estate and stocks and other assets of late.
BUT, THE LABOR MARKET HAS BEEN TRASHED DURING GREENSPAN'S TENURE AT THE FED.
AND NOW, WE SEE THE INEVITABLE CONSEQUENCES OF THIS BAD POLICY.
DUBYA IS A LAME DUCK, THAT BECOMES LAMER EVERYDAY!
EVERYONE KNOWS THAT THE JOBS MARKET WILL NOT RISE LIKE LAZARUS! NOT
THIS TIME.
THE INTERNET BUBBLE WAS A ONE-SHOT DEAL, AND FORTUITOUSLY BAILED MR G
OUT IN THE EARLY 90's. THAT'S OVER NOW.
ONLY A BARREN LANDSCAPE OF DEBT! UNEMPLOYMENT! AND BANKRUPTCY
LOOM!
AND, IF HIGHER INTEREST RATES DO COME?
THEY WILL COME LIKE A FORCE 5 HURRICANE THROUGH SOME THIRD
WORLD "SHANTY TOWN!" BECAUSE THAT IS WHAT THE US ECONOMY RESEMBLES.
The only viable solutions are TAX INCREASES ON THE RICH!
AND, A RENEWED SOCIAL SAFETY NET TO PROTECT THE RAVAGED AMERICAN
WORKING AND CONSUMING CLASSES!
ALAS, THE SAD AMERICAN "EMPIRE" OF WOLFIE, RUMMY AND DUBYA IS OVER.
WELCOME TO THE NEW ERA OF "EURO-SOCIALISM" IN AMERICA!
BECAUSE THAT IS WHAT IT WILL BE, IN THE END.
And anyone who doesn't like it, can just get on the next plane to HONG KONG! ASAP!
