The economy is still the No. 1 problem, and under Federal Reserve Chairman Ben Bernanke, is it being run any better than it was under Alan Greenspan? Ronald Reagan appointed him in August 1987 when Sen. Bill Proxmire used to get into run-ins with him because Sen. Proxmire was head of the Senate Banking Committee and a true conservative.
The book, "Greenspan's Bubbles - The Age of Ignorance at the Federal Reserve," by William A. Fleckenstein with Frederick Sheehan, pretty well detailed how he was involved in the savings and loans and their easy money theory. Before Greenspan became fed chairman, he was a paid consultant for Lincoln Savings and Loan owned by Charles Keating Jr., which "was seized by federal regulators in 1989 and its eventual cleanup cost the taxpayers over $2.5 billion." The book details how he got us into the housing crisis with his easy money policy. Some loans such as Alt-A mortgages "are nonprime mortgages catering to those wanting large mortgages without standard documentation - many required little documentation and were often referred to as liar's loans."
If I get picked up on a speeding ticket, I'm expected to give the police officer my correct name - no aliases. Otherwise, it's a crime. This doesn't hold true, though, concerning the financial world. The more aliases they have, the better. The hearings that just took place in front of Congress about the high gas prices - where the hedge fund dealers are now considered "speculators" and all the hedging they are doing to obtain control of the oil futures contracts - didn't even touch on the fact of the derivatives they are using to pay for them. Now, when you look in the book to what's really going on, I quote, "Plus, there are over $500 trillion worth of derivatives that Warren Buffet has described as 'financial instruments of mass destruction.' You couldn't have created a more precarious environment if you had tried."
While the IRS is watching us common taxpayers like hawks so they don't miss any income that we owe them, they are still trying to find out if a derivative is an income or an expense. This is how the speculators or hedge fund dealers are controlling the gas prices, where they take $1 and borrow or leverage up to $30 and can control that commodity for up to 90 days. With more than 6,000 hedge funds, you can easy understand why they are going to oppose Sen. Obama when he said that any senior citizen, due to their high medical costs, and with an income under $50,000, shouldn't have to pay any federal income tax and he would pay for it by taxing the hedge fund dealers.
This bubble that the hedge fund dealers created along with help from Alan Greenspan could virtually explode, and then it would really be considered the age of ignorance.
The book, "Greenspan's Bubbles - The Age of Ignorance at the Federal Reserve," by William A. Fleckenstein with Frederick Sheehan, pretty well detailed how he was involved in the savings and loans and their easy money theory. Before Greenspan became fed chairman, he was a paid consultant for Lincoln Savings and Loan owned by Charles Keating Jr., which "was seized by federal regulators in 1989 and its eventual cleanup cost the taxpayers over $2.5 billion." The book details how he got us into the housing crisis with his easy money policy. Some loans such as Alt-A mortgages "are nonprime mortgages catering to those wanting large mortgages without standard documentation - many required little documentation and were often referred to as liar's loans."
If I get picked up on a speeding ticket, I'm expected to give the police officer my correct name - no aliases. Otherwise, it's a crime. This doesn't hold true, though, concerning the financial world. The more aliases they have, the better. The hearings that just took place in front of Congress about the high gas prices - where the hedge fund dealers are now considered "speculators" and all the hedging they are doing to obtain control of the oil futures contracts - didn't even touch on the fact of the derivatives they are using to pay for them. Now, when you look in the book to what's really going on, I quote, "Plus, there are over $500 trillion worth of derivatives that Warren Buffet has described as 'financial instruments of mass destruction.' You couldn't have created a more precarious environment if you had tried."
While the IRS is watching us common taxpayers like hawks so they don't miss any income that we owe them, they are still trying to find out if a derivative is an income or an expense. This is how the speculators or hedge fund dealers are controlling the gas prices, where they take $1 and borrow or leverage up to $30 and can control that commodity for up to 90 days. With more than 6,000 hedge funds, you can easy understand why they are going to oppose Sen. Obama when he said that any senior citizen, due to their high medical costs, and with an income under $50,000, shouldn't have to pay any federal income tax and he would pay for it by taxing the hedge fund dealers.
This bubble that the hedge fund dealers created along with help from Alan Greenspan could virtually explode, and then it would really be considered the age of ignorance.
