Saturday, August 28, 2004

I ragged on Alan Greenspan yesterday, but not thoroughly enough. I have one more complaint and then a question. The complaint is that he claims there's no housing bubble. Right. And in 1999, he informed us that there was no stock bubble. Wrong on both counts. As proof that there is currently a real estate bubble, let me point out that property prices have risen 30 percent faster than the rate of inflation these last ten years. It is unprecedented in this country for real estate prices to rise faster than the rate of inflation.

So here's my question. Greenspan is not a political appointee and yesterday's news article mentioned that he was recently confirmed for a fifth term as the Fed chairman. Who confirms him? Bankers I would assume. When the housing market bursts, as I'm betting it will, I'd like Greenspan's head on a plate, but it looks as if he's safely insulated by the ruling class. Oh, and one last question: Is it only we left wing political geeks who notice what a scam artist he is? Everyone else murmurs his name with awe.

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