Monday, May 3, 2010

Greenspan Said "Hush the Public May Hear" in 2004

Huffington Post contributor Ryan Grim reported more evidence of the overweening arrogance attached to the American lords of finance. Fed Chairman Alan Greenspan is on record urging the members of the Federal Reserve to restrict conversations on the housing bubble because it may draw in the ignorant masses. Specifically he is quoted as saying the following: "We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand."

This episode is detailed in a transcript of Fed March 2004 meeting. It is only the latest piece of information to leak out making two things all too clear.

1) First, the Federal Reserve and banking officials knew we were in a giant real estate bubble at least as early as 2004.

2) Secondly, Greenspan at least was worried about involving anyone in the debate other than the certified experts of his self justifying inbred board of officials. 

Greenspan, the Federal Reserve Board have their fingerprints all over the paper trail leading to the great American meltdown which has cost us close to 9 trillion so far and counting. I believe his language is within the realm of suppression and conspiracy. Greenspan needs to trade his Italian pinstripes in for some nice prison orange.

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