Greenspan: "Get Rid Of The Debt Ceiling"

Free money Alan Greenspan on the debt ceiling.

Geithner was asked yesterday about this clip from Greenspan...

Nov. 7 (Bloomberg) -- Former Federal Reserve chairman Alan Greenspan said the U.S. election yesterday perpetuated the political status quo and hasn’t increased the probability of resolving the nation’s fiscal challenges.

Alan Greenspan is wrong.  The debt ceiling serves an important purpose.

There is no doubt the annual debt ceiling battle has become something of a circus sideshow, but it's also the only time the media, and the occasionally even citizens, pay attention to deficit and government spending issues.  If the debt ceiling were eliminated, the opportunity for budget discussion would disappear.

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Yesterday:

Greenspan On The Cliff: "Recession Is Guaranteed"

Comments

[Cheyenne]

Let's get rid of the S.E.C. first:

"David Kotz was fucking that lady," Noelle Maloney said of Ponzi victim Dr. Gay. This was after Kotz and Maloney had stained a makeshift bedspread of CDO files while copulating on a conference table.

Maloney had just replaced Kotz as Inspector General of the S.E.C…

"Fast Times at the Securities and Exchange Commission":

http://www.rollingstone.com/politics/blogs/taibblog/sec-rocked-by-lurid-sex-and-corruption-lawsuit-20121119

[Pitchfork]

Cheyenne, I don't know which parts of that were metaphor, but I'm not sure it matters.

[Cheyenne]

What? The complaint itself makes Inspector General Kotz out to be a regular horndog:

"Maloney said that one of the text messages she saw said something to the effect that Kachroo could not bear to be giving testimony from across the table without being able to touch and kiss Kotz during her testimony." (Para. 40)

"Maloney stated that Kotz had an affair with one of the key SEC personnel involved with this project, despite being responsible for leading the review, and having personally authored sections of the final report, concerning the allegations of waste in the project." (Para. 42)

Don't make the boner of assuming Kotz is some flunkie. On the contrary:

"Kotz directed the investigations of into the SEC's failure to detect the massive Ponzi scheme by Bernard L. Madoff and the allegations that the SEC-designated Receiver had failed to act in the best interests of the R. Allen Stanford Receivership and the Stanford investors." (Para. 25)

http://www1.rollingstone.com/extras/Weber_complaint.pdf