Yes, it’s an ad hominem attack which absolutely delights in the evisceration of one of the biggest con artists in the American pantheon.Here we are talking about the disgraced Alan Greenspan, he of the former Chairmanship of the US federal Reserve..The author is the wickedly funny Rolling Stone writer Matt Taibbi.
One doesn’t know where to start—I mean I was laughing all the way through this deserved decapitation of the BS artist whose economic policies ruined America and most of the world—enough that Taibbi calls him in his second chapter, “The biggest A—hole in the world.”The name of the book which bears a serious read if you wish to have the US bankers’ scandal made easy is GRIFTOPIA.Taibbi is the rare bird who can write well about the often arcane subject of economics.
Taibbi’s unflattering portrait of Greenspan is absolutely deadly,It is that of a pathetic social climber , a serious devotee of the high priestess of Greed, the Russian émigré Ayn Rand.There is no way around it.Greenspan bull shitted and flattered his way to the top and achieved rock star status. Few dared challenge his insane market fundamentalism.
Little did they realize that the man was a fraud, a total ideologue who consistently made it easier for Wall Street to engage in the biggest heist in Us financial history.His idol was the untrammeled market
Taibbi asks the question:
How did so many grifters, operating on so many levels of grift, wrap their blood-funnels around the housing market? Basically, top financiers borrowed at historically low short-term interest rates to finance mortgages with historically low long-term interest rates, creating that thing which doesn’t actually exist: a risk-free profit!
It is painful reading watching the greedsters and the rating agencies succumb to such greed—all blessed by the man who was supposed to protect the integrity of the whole system.One will never be able to ever again to believe in AAA mortgage backed securities.
What a hustle.Greenspan still has no shame.Instead of doing penance in a monastery he continues to be venerated by those in the media.