How Alan Greenspan Destroyed America

[Gabriel_Bell]

I observe that 13 years have passed since this guy claimed that Alan Greenspan destroyed the United States.
However, I live in the United States in 2024 and I was also here in 2011, and I observe that this country has not actually been destroyed.

Is Janet Yellen a better Fed Chair than Greenspan? YES! Undeniably.

 

[iamwhatiseem]

Alan Greenspan is one of the handful of people responsible for the mortgage crises of 2008.
He is also responsible for the "debt as income" mentality of the Federal Government, as well as his policies are what also made it possible for the "debt as income" mentality of that entire generation.
In the 1980s-2000s - it was VERY common for average Americans to be carrying 5 digit credit card debt.
Between Greenspan and Larry Summers, they built the investment bank strategy to spread their consumer debts into investment "opportunities" so the losses would be absorbed by investors (many a 401k people had, were full of these hidden debts)
This dramatically increased banks raising credit card limits higher and higher as they spread the losses out so average Americans, in effect, paid each others debts off.
This is the "treat debt as income" mentality that still lingers today and why America is over $40 trillion in debt.

 

[Phoenix68]

Alan Greenspan is one of the handful of people responsible for the mortgage crises of 2008.

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KEEP SWINGIN', ROOKIE!!!!!
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See: 4:45 thru 12:00
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[Phoenix68]

Between Greenspan and Larry Summers, they built the investment bank strategy to spread their consumer debts into investment "opportunities" so the losses would be absorbed by investors (many a 401k people had, were full of these hidden debts)

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You don't give your fellow-rookies enough credit......
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[Gabriel_Bell]

I was never a fan of Alan Greenspan, but the truth is that he did NOT destroy America.

 

[iamwhatiseem]

I was never a fan of Alan Greenspan, but the truth is that he did NOT destroy America.

Youtube providers love to use overly dramatic words like "destroyed" "annihilates" etc.
Greenspan didn't "destroy" America, but he did tremendous damage to us, and all the while the media couldn't stop themselves from worshiping the ground he walked on.
Greenspan is too smart and detailed to NOT know what he was doing was going to cause irreversible problems later.
He engaged in an economic principle of using debt as income to grow the economy. And of course it worked. It is what created the 80s-90s boom. He was lauded for it. Meanwhile plenty of economist were saying this is insane, but no one wanted to talk to them. If you spoke against the "God" Alan Greenspan - you were a pariah.
And now we have today. No one wants to talk about Greenspan anymore, and haven't for years. They were all making a killing off of the market growth of his policies and future be damned.

 

[Phoenix68]

He engaged in an economic principle of using debt as income to grow the economy. And of course it worked. It is what created the 80s-90s boom.

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You're not a big fan o' the facts, huh???
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"Not only was the entire national deficit eliminated after raising taxes on the wealthy in 1993, but the economy grew so fast for the remainder of the decade that many conservative economists thought that the Fed should raise the prime interest rate in order to slow it down."

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