Excellent short clip.
Given Sir Alan's debt and deficit testimony Tuesday before Congress, we decided to take a short look back at several exchanges between the former Fed Chairman and his dollar-protective nemesis. Within the first 30 seconds of the above clip, the ever-prescient Dr. Paul recommends that Greenspan retire early and escape the coming monetary storm. Greenspan did not heed his advice, at least until 2005, though he did escape before the bubble burst and left the majority of the blame to Bernanke.
Rumsfeld On 9/11 Anniversary: "Defense Cuts Will Lead To More Attacks, Entitlements Are The Reason For Deficit"
We disagree with virtually everything you are about to hear and read, but it's important to know what the neo-con troglodytes are saying.
CNBC Video - John Thain, CEO of CIT Group - Sep. 9, 2011
Interview from earlier today. Maria doesn't ask him anything about his rape of taxpayers and performs the expected CNBC fellatio of all Wall Street executives.
Paulson and Geithner gave CIT Group at least $2 billion in TARP funds, which was never paid back and CIT declared bankruptcy months later. Then in restructuring, CIT hired Thain, the former Goldman Sachs exec and later CEO of Merrill Lynch who engineered $4 billion in taxpayer-funded bonuses for Merrill in a year the firm lost over $10 billion (2008), and spent over $1 million of TARP funds redecorating his office including a $35K commode.
If you've never seen WalStreetPro rip off Thain's head, you can watch that here:
Last week on CNBC the following classic exchange occured:
CLASSIC CNBC EXCHANGE - Rick Santelli Battles NYT's Tom Friedman Over Social Security: "You're An Idiot"
CNBC Video - Santelli Battles Friedman - Sep. 8, 2011
Great clip from this morning's Squawk Box. Transcribed inside. Runs 1 minute.
In terms of unfunded liabilities, Medicare is 6X the black hole that is social security, which can be solvent for 50 years with a few tweaks, but Santelli speaks through the lens of his 19 year-old daughter (as he often does), and channels the anger of today's typical college student, which to me at least, is completely understandable.
The correct answer is to cut war spending by 50% over the next 5 years, and use the savings to fund Social Security (without changes). Medicare, on the other hand, and it's completely unpaid-for, and incredibly irresponsible Prescription Drug Benefit (Part D), is going to need a substantial overhaul to survive, the majority of which will need to come from means testing of the wealthy.
Relax, it's Friday. Police used water cannons and tear gas to disperse the crowd.