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Fleck's Thoughts

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by Bill Kelleher

Mr. Greenspan's attempt to avoid blame in the current housing/banking crisis reads like a fairy tale.

Mr. Greenspan had a front row seat for the Savings and Loan Crisis in the early 1990s. He knew from the S&L Crisis that irrational exuberance in Real Estate leads to a dysfunctional banking system. The remedy Mr. Greenspan offered for every US economic crisis was more and more money. This remedy made him popular with Politicians and a celebrity in the world. He hoped that securitization of mortgages would delay the next Real Estate collapse until after he secured his pension and fame.

Mr. Greenspan spent his life trying to be a celebrity, first as a saxophone player, then as a follower of Ayn Rand, and finally the Federal Reserve offered him the opportunity. One day every American will understand that Alan Greenspan finally became a celebrity by destroying the US Dollar.