Tuesday, October 14, 2008
The Head Rat
You could choose any one of many hedge fund billionaires as the ringleader of the housing and credit bubble and bust. but I'm with Bill Fleckenstein on this one. Alan Greenspan's relentless concessions to Wall Street with repetitive interest rate cuts led us to this brink of disaster. Why would anyone want to actually save cash in an interest-bearing account when the interest earned was so much lower than the amount lost to inflation?
Note: In case you noticed that there were two images for October 12th and none for the 13th, it wasn't because I'm superstitious about the date. I had to tend to personal business that prevented me from posting on the 13th, so I presented a complementary pair of scary images for the 12th, one early and one later in the day.