We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
If they change the accounting rules, they effectively breathe new life into institutions which are being strangled.
My own company has auction notes which, 2 months ago, were worthless. Today, the auction market is back, though nowhere near what it was. The same notes that, 2 months ago were worthless are today worth .60 on the dollar. This has radically altered the company's balance sheet!
We were undervalued WITH the worthless notes, now we're undervalued even more!!
THAT'S insolvency! These banks are NOT insolvent. The books are being manipulated to create a decided outcome. That outcome is nationalization. Just wait...it's coming because certain powers that be have been pushing for it for years and have finally decided they have precipitated the crisis which can lead to their desired result.
This is not a conspiracy, by any stretch. It's simply the culmination of an agenda which started several years ago by pushing for political control of the economy.
Greenspan apologized for mistakes he didn't make - they were mistakes he was ASKED to make.
Greenspan was critical of many things in 2003, including a STIMULUS PACKAGE (which didn't work because the economy was turning anyway, all it did was what Greenspan said it would do - boost the deficit).
Why did Greenspan apologize? He was forced to, politically, by the leftists. He was backed into a corner and in order to remain relevant, he fell on his sword.
More evidence of Greenspan's real thoughts:
His error? He didn't raise them fast enough, or early enough. As his comments from 2003 indicate, he realized rates were low. He knew inflation was contained, but that there were pressures on the economy which needed rate increases. Yet they were kept low through 2003 and into mid 2004....when they were slowly raised.
Fact is, this was all politically manipulated.
The last crop of "Republicans" in Congress were not Republicans in the traditional sense. They were drunken sailors of the Democratic kind. The party has to accept this and own up to it.
They were tossed out for a reason, and it was a good reason. Sadly, we replaced the simulated Democrats with Democrats, who are more aggressive spenders!!
GREENSPAN--not Reagan--not Clinton--not Bush--GREENSPAN kept this country's economy on some sort of level for all those years. Like most academics--he trusted too much. Like most political appointees--he did what it took to survive. I am reminded of Brer Fox "layin low in the bushes with the fidgets"!