2016 Postmortem
Related: About this forumAlan Greenspan a disciple of Ayn Rand was loved by the Ruling Class from Reagan thru
Bush. That includes Clinton. One thing that wealthy Democrats have in common with wealthy Republicons is their greed and Alan Greenspan was their man. Of course he and Ayn Rand were wrong. Greed does not raise all boats.
In 1963 our buddy Alan said:
In 2008 he admitted he had been wrong. Greed wasn't self-regulating.
From:
http://www.independent.co.uk/news/business/analysis-and-features/quotes-of-2008-we-are-in-a-state-of-shocked-disbelief-1220057.html
Translated, that means he did not think the greed of the CEO's would lead to the killing of the Golden Goose.
Poor Alan lived in an Ayn Rand fantasy world and the Wealthy 1% Ruling Class including Reagan, Clinton and Bush took advantage to enriched the Wealthy at the expense of the Middle and Working Classes and the Poor.
If you want more of the same schit, vote for another Clinton.
Octafish
(55,745 posts)By Robert Scheer
Posted on Apr 18, 2012
How evil is this? At a time when two-thirds of U.S. homeowners are drowning in mortgage debt and the American dream has crashed for tens of millions more, Sanford Weill, the banker most responsible for the nations economic collapse, has been elected to the American Academy of Arts & Sciences.
So much for the academys proclaimed 230-plus year history of recognizing some of the worlds most accomplished scholars, scientists, writers, artists, and civic, corporate, and philanthropic leaders. George Washington, Ralph Waldo Emerson and Albert Einstein must be rolling in their graves at the news that Weill, philanthropist and retired Citigroup Chairman, has joined their ranks.
Weill is the Wall Street hustler who led the successful lobbying to reverse the Glass-Steagall law, which long had been a barrier between investment and commercial banks. That 1999 reversal permitted the merger of Travelers and Citibank, thereby creating Citigroup as the largest of the too big to fail banks eventually bailed out by taxpayers. Weill was instrumental in getting then-President Bill Clinton to sign off on the Republican-sponsored legislation that upended the sensible restraints on finance capital that had worked splendidly since the Great Depression.
Those restrictions were initially flouted when Weill, then CEO of Travelers, which contained a major investment banking division, decided to merge the company with Citibank, a commercial bank headed by John S. Reed. The merger had actually been arranged before the enabling legislation became law, and it was granted a temporary waiver by Alan Greenspans Federal Reserve. The night before the announcement of the merger, as Wall Street Journal reporter Monica Langley writes in her book Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the Financial World ... and Then Nearly Lost It All, a buoyant Weill suggested to Reed, We should call Clinton. On a Sunday night Weill had no trouble getting through to the president and informed him of the merger, which violated existing law. After hanging up, Weill boasted to Reed, We just made the president of the United States an insider.
CONTINUED...
http://www.truthdig.com/report/item/for_hes_a_jolly_good_swindler_20120418/
rhett o rick
(55,981 posts)rhett o rick
(55,981 posts)Octafish
(55,745 posts)rhett o rick
(55,981 posts)simpley go to work for the Foundation at very high salaries. What a retirement plan.
Octafish
(55,745 posts)The money the pols in Lansing raise for their campaign chests is theirs to keep and love. Like the famous couple, the pols put it into a foundation and use it pay themselves salaries, mileage, ect upon retirement, usually upon term limitation.
An optometrist fellow told me about it. He said his nephew was a state rep. The doc asked his nephew what he would be doing, now that he was term-limited. Would he be giving his campaign chest over to the Republicans? The state rep said, "No. I get to keep it." The doc said, "WHAT? Isn't that against the law?" The nephew smiled and said, "Uncle, we MAKE the law."
That was about 8 years ago. Things have gotten worse since.
appalachiablue
(41,118 posts)who said Bill Clinton was his favorite RepubliCON president. In 2006 Greenspan bailed on the Chairman of the Fed job he held since 1987 under Reagan to work on the other, private side in the financial sector when the writing was on the wall for the coming Crash of 2008...
Tierra_y_Libertad
(50,414 posts)rhett o rick
(55,981 posts)telling them they can have two pieces of candy and to self-regulate their behavior. The schit is that Alan really believed it, but those that appointed him knew it was all bullshit. But justified their rip-off of the middle and working classes.