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July 01, 2010

Selective Analysis

This morning, I just happened to catch a jaw-dropping analysis on Fox News. Former Federal Reserve Chairman Alan Greenspan conducted an informal seminar for a bevy of respectful Wall Street analysts who were permitted to question him on the severity of our current economic woes. What was ominous was his occasional use of the term “deflation” (because it characterizes depressions); what was truly amazing was his soft shoe dance around any possibility that rampant dishonesty and theft on Wall Street, had been either assisted by complicit “regulation” or played a significant, let alone dominant, role.

What the brief exercise did for me was to update my insights into the problem I’ve been struggling with for the last few years: a coherent understanding of the various mechanisms by which we humans have created the present mess. Clearly denial has been a pivotal factor. To that must be added omission, or what is not reported by media. Greenspan’s apparently erudite analysis, was almost exclusively in economic terms. Although he touched on other factors like “culture,” he didn’t do so in any meaningful way and almost completely ignored the political dishonesty that had permitted theft of billions under cover of a “just” (but avoidable) war.

Clearly, recognized "experts” like Greenspan find it easier to get away with such highly selective analysis; especially if they take pains to limit their remarks to their acknowledged areas of expertise.

It was a masterful performance by an an old pro before a friendly audience.

Doctor Tom

Posted by tjeffo at July 1, 2010 04:57 PM