Alan Greenspan is a F*&@king Idiot

I'm going to start venting my rage here about the latest US economic crisis. Not every post, but occasionally. Every American should be outraged. The financial reform bill recently passed doesn't go nearly far enough. (More on that later.)

I don't blame the economy for my current situation -- anything can happen in the entertainment business, and we took our chances. And, were doing fine.

But still, I'm appalled at the idea that huge financial institutions can mismanage themselves to death and the federal government bails them out with MY money. And the senior executives of these institutions are still taking home huge paychecks, for what reason? Because we still must prop up these companies? Only the executives at Lehman Brothers, and long ago Salomon Brothers (and others I can't remember) have had to pay the price of their incompetence.

Tonight the object of my scorn is Alan Greenspan, who famously championed deregulation because of his firm belief that Corporate Officers would always act in the interest of the corporation, which would lead them to act properly and ethically so their businesses could thrive. Now of course hindsight is 20-20, especially when that hindsight is literally from my ass, but clearly this guy has never actually held a job. Employees always act in the best interest of their company? Hasn't he ever worked at a restaurant and stolen food? It seems obvious that when greed is the main motivator (and I have no problem with that in theory), it's possible -- nay probable -- that those in line for huge bonuses will simply act in a way as to guarantee that bonus is big for a few years, company be damned. Greenspan couldn't see this coming?

His later apologia and admission of error in this regard cuts no mustard with me. Where were you when we needed you? Now we're screwed.

Now Greenspan I'm sure has several advanced degrees, and has said many smart things about complicated topics his whole life. But for his short-sighted and pro-corporate contribution to the economic clusterfuck of the last few years, I dub him a fucking idiot.

Next?