Greenanke

Listening to Greenspan's testimony today provided clear evidence that the guy is clueless of how markets actually work. The Peter Principal, that people tend to rise to the level of their own incompetence, certainly can be said about the Fed. Likewise for Bernanke, who like Greenspan, has never seen an economic event that did not need economic intervention simply on the grounds that all equity market slides should be avoided. The current financial dilemma has occurred on his watch which is bad timing for him but good for all the hand outs to his genius banking buddies. Fixing this current economic mess is going to be a bit trickier than when Greenspan was running the emergency cash spuing machine each time any event looked like it might impede climbing stock markets. Greenspan is a dope and his successor is proving there is only one way to go, keep on making the same mistakes by relying on the same players to profit from the interventions while changing nothing.