Greenspan, Alan


"Alan Greenspan is well loved among the governing elites... WHen the occasional upset occurs, the wise Federal Reserve chairman comes forward to reassure the citizenry: Not to worry, we are still living in the best of all possible worlds. Disregard the stock-market meltdown that destroyed trillions in putative savings; market adjustments of value are entirely normal to free-market capitalism and altogether unavoidable. Never mind Bush's budget deficits; these will be corrected through further tax reductions and privatization of federal functions like Social Security. Do not fret over the building of household debt, the stagnation of hourly wages, the absence of jobs for many undortunate citizens; people should instead feel good about the economy. Productivity is improving robustly, so too corporate profits, which insures that everything will work out for the best...

"Greenspan made himself the living embodiment of the conservative market orthodoxy that still reigns over conventional opinion, despite its spectacular failures...

"...He triggered two recessions, both by accident if one believes his public testimony. He passively observed the runaway inflation of stock-market prices and refused to do anything to avert the eventual collapse. He engineered legality for the new megabanks like Citigroup and JPMorgan Chase, both of which became festivals of megabanking fraud. The central indictment, however, will involve the many ways Greenspan's hard-money policy unbalanced the economy by favoring financial intersts over the real economy of work and wages... in order to maintain an artifical surplus of labor -- higher unemployment that guaranteed that wages would stagnate..." (William Greider. The Nation, June 14, 2004: 4-5).


"Alan Greenspan has recently been frightening Americans again, as he did in April, by threatening that Congress will have to cut Social Security benefits to fund retirement for "aging Boomers." In fact, the trust fund is solvent until 2042 and sloshing with surpluses. Manufacturing a crisis helps Congressional conservatives spill our precious contributions into the unquenchable stock market" (Margaret Morganroth Gullette. "Playing the Age Card...

"The neoliberal spin on age... means not having to admit class war from above or government's role in the starveling minimum wage, antiunionism, dangerous tax cuts for the rich, capital and job flights, NAFTA, CAFTA, and the WTO...

"When Americans agree that we have an "aging" crisis rather than a capitalist one, they are thinking in right-wing terms" The Nation, Nov. 1, 2004: 8, 29).


Colby Glass, MLIS