Well, the smug, self-satisfied and now aged gnome - Ayn Rand's foremost disciple - was in high dudgeon last night in his 60 Minutes interview with Lesley Stahl. Insisting he knew not how bad the sub-prime mess would become despite the fact he humped ARMs like crack from a crack dealer, for over a year. And despite the fact, as Stahl pointed out, other Fed governors wanted action to be taken, but faced incessant nays from Sir Allan.

He "didn't see what could be done". Doh!

In truth, it was self-evident that Randism and its idiotic "Objectivist" codswallop had paralyzed his ability to decisely act. Not wanting to be the bad guy regulator he sat on his fat ass (in his bath tub) and did nada while a bad situation got worse.

Same template for the odious Bush tax cuts. Greenie knew damned well that the sleazy $1.35 trillion gimmick (which promised $5.6 TRILLION in surpluses) would hamstring budgets with serious deficits for decades -yet he didn't come out in an EXPLICIT manner (e.g without his obscurantist babble of "Greenspeak") to dismiss them.

Thus, the Bushies rightfully believed he was on their side. The D -weenies wrung their hands as usual, though they did have the votes (in 2001) to halt the cuts in their tracks. Instead, 12 of them punted and gave Bush what he wanted. Leaving future demo-dweeb candidates for the presidency without enough moola to execute even basic plans - or healthcare reforms. Without majorly raising taxes that is.

Even this a.m. in his Matt Lauer interview on NBC Greenie was disingenuous, insisting that he was as clear-spoken on the downsides of the Bush tax cuts - as he shared in his new book. NOT!

He also insisted his 13 consecutive interest rate cuts did not in fact set the stage for the sub-prime debacle by driving the cost of lent money to ridiiculously low levels. The better for mortgage scheisters to peddle ARMS and other crap to the hoi polloi.

What comes across is that Greenspan continues to believe his own bilge and "Greenspeak" and remains incapable of basic honesty. He is a shameless dweezil and Rand zombie as incapable of feeling others' pain from the pseudo- parapets of his overblown wonk intellect, as Bushie boy is from his all hat and no cattle cowboy persona. (A particularly revolting interlude came when he told Lauer with a straight gnomish face that he "hoped something might be done to assuage the angst" of all the people now facing home foreclosures.

Oh, that is so downright generous and charitable of you, Allan. Now go back to your tub and soak your head in it!

After so many years of Greenspan and Greenspeak it is little wonder his successor Bernanke doesn't know whether to shit or go blind - and will likely follow in Greenie's disastrous, misbegotten path with MORE mistakes- by lowering interest rates at least 25 basis pts. tomorrow.

A move that will be like pouring gasoline on a fire, or giving a pound of crack to a bunch of crackheads (on Wall Street) though he will be the last to see it.

The Fed's half rate point cut was madness, pure and simple madness. The reckless and wild act of a panicked man, not a sober decision. All it does is provide more "crack" (cheap money) for the Wall Street crackheads - the endless legion of speculating pimps who never met a dupe they didn't like. And some fools and whakcnuts are even talking of a succession of cuts because "like potato chips, you can't have just one"

Oh yeah? How about this for size? Foreign investors will now pour extra pressure on the greenback driving it down even lower vs. the euro. I expect it will be $1.55:1 within a week. Those holding U.S. debt will NOT be pleased to see their investments shrink, and will be less likely to support more new debt.

As for "recession" --- bada bing boondoggles. The REAL risk is stagflation a la the 70s. Followed by soaring, rip roaring inflation in the 18-20% realm not seen since the Carter era.

Lest I forget, oil will now be much more expensive as well since the dollars to buy them will all be much cheaper. (Not to mention most petro money is now based on the euro)

This was a bad move, by a panic-stricken bunch who ought to have weighed their move much more carefully, as opposed to tossing another morsel to the Wall Street scheisters and predators- who will now sit down to crank out ever new ways to screw the most vulnerable.

Fuck the Fed and the horsie they rode in on.

which bespeaks sort of a condescending attitude towards the voters ... and a laziness, an intellectual laziness."

ROTFL! And this coming from a Bushie spokesperson, associated with the most intellectually lazy and incompetent twit in history! Talk about "pot-kettle-black"!

I believe we have reached a new apex for it. Or perhaps, nadir.