Same Game

Greenspan helped put the disaster together along with the great deregulators from the Bush and Clinton administration. The current Fed and Treasury are an exact extension of the same policies. Same attitudes and allegiances operating the same game. While Congress scolds them for poor vision, it cannot get beyond the same spheres of influence from lobbying interests so set against any financial reform. Having all but abandoned any real help for homeowners facing growing delinquencies, generous bailouts have been selectively reserved for only the grievous of financial institutional sinners. The same all will be well with cheap money crystal ball Greenspan scanned is being used to look into the future and declare all will improve with time. As a result, values of everything from equities and junk bonds are being propped up, convinced the healing has begun, without honestly appraising the permanency of the underlying damage.