The premise of this article was rejected by Alan Greenspan. Among other comments, he said he was responsible too. This was testimony in front of the Senate Committee. I think it was banking. He said he didn't really understand how the world worked. By the way, officials knew this was coming two years ago.
Didn't anyone wonder why Clinton was told by Greenspan to balance the budget and raise taxes to do so? Then all of a sudden when Bush came in, no deficit was too much.
Veronica----- Original Message ----- From: "Simon Ward" <sedward@xxxxxxxxxxxxxx>
To: <lit-ideas@xxxxxxxxxxxxx> Sent: Thursday, October 23, 2008 5:50 PM Subject: [lit-ideas] Re: last honest reporter missing
I saw the article as a rather naive attempt to pin the entire crisis on the operations of Mae and Mac, and through those organisations, onto certain individuals in the Democratic Party. Card, whom I though was a pretty good SF writer (and if this isn't the same Orson Scott Card the journo should change his pen name), is trying to lay down a critique of the mainstream media with little or no understanding of the main picture. In this respect, for him to say that the media is failing to pin the blame of a rather slim set of individuals misunderstands completely the scale of the house of cards that contributed to it. The reason the mainstream media isn't pinning the blame on that narrow set isn't because they have an inbuilt bias against the notion, but that they have a better understanding of the situation and realise that such a narrow reasoning has its own political bias.[...]I read a second hand account of doings on a right leaning economics mailing list during the crisis. It seems there were fevered efforts to pin the blame on Mae and Mac so that people wouldn't see all this as a natural result of 'free market' economics.[...]Other people are blaming Greenspan. Does that mean it's Clinton's fault for hiring the man?Simon ------------------------------------------------------------------ To change your Lit-Ideas settings (subscribe/unsub, vacation on/off,digest on/off), visit www.andreas.com/faq-lit-ideas.html
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