Uncle Alan - Economist?

So once the most powerful economist in the world is calling for a government bailout. Shouldn't an economist be the last one to call for a bail out? Especially the economist responsible for the problem? Bloomberg

``Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this,'' Greenspan said. ``It's far less damaging to the economy to create a short-term fiscal problem, which we would, than to try to fix the prices of homes or interest rates. If you do that, it'll drag this process out indefinitely.''

Um, Mr. Greenspan, if we bail out those homeowners who borrowed beyond their means then does that send the message that everyone should spend beyond their means? If everyone spends beyond their means does that make for a healthy, sustainable economy? Does it really stop this process from dragging out? How's that work?

Of course this is all rhetorical, Alan Greenspan is obviously incompetent and I wish the media would treat him as such. He is not a celebrity; he is a senile old man who is responsible for fucking the US Economy and apparently he hasn't cum yet.