Incompetence and arrogance -- such an unfortunate combination

Alan Greenspan, the idiot who couldn't see the housing bubble and thought only he and fellow Fedsters were qualified to even ponder it:
As top Federal Reserve officials debated whether there was a housing bubble and what to do about it, then-Chairman Alan Greenspan argued that the dissent should be kept secret so that the Fed wouldn't lose control of the debate to people less well-informed than themselves.

"We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Greenspan said, according to the transcripts of a March 2004 meeting.

And these buffoons still have control of the money supply for the entire U.S. economy!

End the Fed already! Haven't they done enough damage?


1 comment:

Pasadena Closet Conservative said...

And golly gee-whiz, now Ben Bernanke's in charge. Are we supposed to be grateful for that?!

Quotations from Chairman Varones

 Inflation is progressive utopians encountering resource constraints for the first time.