The Regulator Who Wouldn’t – Alan Greenspan

Posted: November 11, 2010 in Uncategorized
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I saw a show called PBS Frontline: The Warning — How Greenspan, Summers & Rubin Conspired To Silence Derivatives Whistleblower Brooksley Born. The story is about the economic meltdown, a lady who tried to stop it and Alan Greenspan‘s deliberate strategy to refrain from enforcing fraud laws.  It’s amazing how the primary conspirator who caused the global meltdown will live the rest of his life as a multi-billionaire while probably tens of millions of people suffer the financial devastation caused by Mr. Greenspan’s “mistakes”.

Alan Greenspan, the Chairman of the Federal Reserve, was responsible for maintaining a stable economy for the 18 years prior to the meltdown last year.  He was a Capitalist who firmly believed in the free market system.  I don’t think he ever sufficiently justified how a believer in the free market could take a job regulating that very market, in good consciousness.  It’s like a pacifist priest taking a job as an executioner.  It is inconsistent.  But regardless of the hypocrisy, Alan Greenspan became a very rich and powerful man.

True to his nature, Alan Greenspan is reported to have been involved in a conspiracy to silence Brooksley Born, charged with overseeing the Derivatives Market – the ultimate cause of the meltdown.  But are Alan and his co-conspirators “the bad guy”?  I think they are greedy, wanna-be elites who convinced themselves to believe whatever they perceive to be in their best interests.  I say “wanna-be elites” because these people all worked very hard.  It is the people Alan and his buddies ultimately report to that are above the need to actually contribute to society.  The elite don’t work.  They simply take from society.

I’m sure there are some elite people who are exceptions to this rule.  I’m not talking about those who make a big deal about giving “Charitable Donations” to offset their reported income for tax purposes.   I’m talking about mega-billionaires that invest in programs to educate the masses, preserve the planet and invent scientific miracles to help humanity. But as a rule, there is a large number of highly intelligent, hard-working people in the “upper-middle class”, earning anywhere from $250,000 a year to several millions of dollars a year who work for the elite in government and industry, promoting an agenda, at the expense of middle class people.  For those of us that still have access to food, housing and medical care (some how, some way), this explosion of desperate people is actually a blessing.  Since millions of people are affected so drastically in such a short span of time, virtually everyone personally knows someone in crisis who “doesn’t deserve it”.

Capitalistic propaganda indoctrinates us to believe that everyone who applies himself, works hard and follows the rules will earn the right to food, shelter and medical care to whatever extent he deserves, according to contribution to society.  This way, everyone has an excuse to judge the unfortunate as undeserving.  This also has a way of lighting a fire under our collective ass to “prove our worth to society” and ultimately, continue serving the interests of the elite.  Greenspan allowed himself to believe “the market would correct for fraud” when in fact his job violated the “free market”.

So now Greenspan and his buddies are considered “the bad guy”.  But are they?  Certainly they bear responsibility.  I think we, the people should demand these and other greedy, fraudulent liars should pay heavy restitution – in line with the money they earned by defrauding the American public – directly to the American public as in assets being seized for their crimes, sold and distributed to everyone under some threshold – say a quarter of a million dollars of income a year.

Then we should systematically eliminate laws favoring industry, entity “rights” and protection from individually accountability and devise a system of law that rules on result, not through the loopholes.  For example, let’s just say “Corporate Deception” is illegal.  Instead of judging based on technical confusion, let’s have a judge decide “Was that deceptive?”.  If so, “Was the deception intentional?”  Then “Who is responsible for the deception” and financially penalize everyone involved in the deception, according to his role in the deception.  The more the individual earned during his participation in the deception, the more he would pay.

I’m sure it is not as easy as I imagine.  We still have to deal with issues of politics – interfering with progress…Like the Unemployment Insurance Extension being stalled in the Senate so unrelated items can be attached in a political tug-of-war for power.  But if Government Officials had no financial incentive to serve the Corporate Masters, it could work.  Regardless, it’s time we do something productive.

Unfortunately, we are too busy establishing blame and fighting amongst ourselves.  I read an argument between desperate unemployed people waiting for an extension to avoid being evicted from their houses.  In the argument, some people bring up race, others political affiliation regarding blame for our economic condition.  Can you see how that redirects attention from the underlying cause of unemployment?

I say, STOP FIGHTING EACH OTHER!  We are all vulnerable.  It is not the Republicans, Democrats, Libertarians, Christians, Jews, Muslims, Pagans, Atheists, the people from the city, the people from the suburbs, impoverished or well-to-do.  It is the systems under which we operate.  We can fix this, if we start now and join together with all of the masses against the abuses by the elite.


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