Greenspan "U.S. Already In Recession", "Policy Outcome Assumptions Were Off"

Former Federal Reserve Chairman Alan Greenspan with the skill of a Philadelphia lawyer Wordsmith defended his and the Federal Reserves policy decisions. He indicated the outcomes of their policy initiatives were not anticipated. Yet, he said he has no regrets about his decisions, and indicated that the U.S. was in the throes of a Recession whose depth, magnitude and length cannot be estimated.

Unfortunately, current Chairman Bernanke is falling into the Greenspan trap. Further erosion of the Dollar with loose monetary policy to correct for regulatory negligence and previous inflationary monetary policy is not the right medicine. Placing the burden of this monumental heist on the taxpayers is another mistake. Good old Free Market Greenspan would fit right in with the central planners of China's State controlled economy. In fact, one could say that during his run he made a lot of global free traders rich at the expense of U.S. taxpayers generally and union workers. His speaking fees / hush money should dwarf that of former President Clinton's.

Many people with decent jobs that appear to side with the policies of the past are some of the biggest fools of all. Living the high life oblivious of the enormous inflationary pressures eroding and building up with each successive inflationary policy decision utilized to correct for a regulatory malfunction eating away at their cushy incomes and benefits caused by the very policy makers they blindly supported is testament to that fact. No wonder we don't save in the U.S. anymore, our currency declines in value at a much greater rate than can be achieved saving or investing. We're better off spending it all and hoping some Conservative Republican doesn't try and do away with Social Security. Hopefully we can get someone elected that will get rid of all the rigged inflation gimmicks utilized to short change Social Security recipients.