Will taxation of the next presidency destroy what is left of the debt ridden economy?
*Dow Theory Letters, by Richard Russell, August 28, 2008
“I was talking with a knowledgeable old friend of mine yesterday, and it went like this, ‘My God, what Alan Greenspan did to this country and the world is unbelievable. He purposefully blew up housing into the greatest bubble in history.’ Why did he do it? Probably, so he could leave the Fed amid a boom that he, the mighty Alan created. Greenspan claimed that one could not tell when a bubble was in formation. Really, then why did he warn about ‘irrational exuberance’ back in 1999? In fact, at one point Greenspan even recommended variable-rate mortgages for home buyers. Real estate is collateral for everything. Greenspan instead of being ‘the world’s greatest central banker,’ turned out to be one of the worst menaces in world economic history. As subscribers know, I never liked this little ego-driven pipsqueak at all — from the beginning. The Maestro is actually the menace!
Note — have you noticed that both Russia and Iran are now defying the US — literally spitting in our eyes. This never would have happened twenty years ago. The world now views the US as a chronic borrower, a paper tiger. Obama might address this instead of all his blabbing about change. The only change I see Obama bringing about is higher taxes.”
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