Posted by: Marshall Sponder | October 9, 2008

Unaplogetic Greed

I’ve decided to confine, or should I say, “segment” my personal observations and beliefs to The Analytics Guru and focus my professional beliefs and ideas on, because I’ve gotten enough feedback that some of my readers over at don’t think Analytics and Political or Ideological beliefs ought to be mixed.

I don’t know if that’s true or not, but I’ll respect that, maybe, just maybe, people want to consume certain types of information in concentrated form rather than all mixed up, and if someone wants my opinion about the world, they can come and read it here, albeit, with an Analytics slant.

Having said that – it’s actually good to see that U.S. May Take Ownership Stake in Banks as the New York Times has reported on, tonight, because we’re at the point now where financial risk needs to be regulated fully and perhaps, federalized for a time – and I got that approach reinforced through reading Paul Krugman, who probably understands this mess that Alan Greenspan got us into better than anyone else. Since 2001 I’ve been reading Krugman’s writings, and he’s one of the few voices that has any real credability and who predicted the course we’re on for several years.  

Paul Krugman was totally right about George Bush, and, again, was one of the few to speak up, when most others, drank the cool aid.

And, if you don’t believe me, take a look at an article published last April – Greenspan, Bush to blame for U.S. crisis: Stiglitz, in the CalGary Herald according to Nobel laureate economist Joseph Stiglitz:

“… This man (Greenspan) has unfortunately made a lot of mistakes,” said former World Bank chief economist Stiglitz, according to a preview of the interview to be published on Monday in profil magazine.

“His first one was to support all the tax cuts which were introduced under Bush — they didn’t stimulate the economy very much … This task was then transferred more towards monetary policy, though then (Greenspan) created a flood of credits with low interest rates,” Stiglitz was quoted as saying.

Economist and Nobel laureate Joseph Stiglitz speaks during an interview with Reuters in New York, in this September 18, 2006 file photo. Stiglitz attacked its proposed new chief Robert Zoellick as a man of protectionism and said his nomination was a “wasted opportunity” for the bank.REUTERS/Mike Segar

Earlier in April, Greenspan said in an interview with CNBC television that the U.S. economy was in recession and defended his chairmanship of the U.S. central bank against charges that his policy missteps had laid the groundwork for the crisis.

He said decisions during his charge had been rationally constructed based on evidence at the time.

Stiglitz said Bush’s government was also to blame.

“I reproach them, that the economy was not as resilient as it could have been due to the ongoing tax cuts and the huge costs incurred by the war in Iraq,” he was quoted as saying.

In fact, the New York Times has another article tonight on Taking Hard New Look at a Greenspan Legacy that examines what I’ve been saying for well over a year – the real estate bubble, Sub-Prime Meltdown, and now this mess – most of that, you can rest the blame on Alan Greenspan‘s doorstep, along with several prominent bankers and regulators who bought in to the cool-aid.

Yes, my friend Jared was right, these guys were so arrogant, they hedged a bet that the financial system could not fail, they convinced them selves that Wall Street could regulate itself,  that risk was so spread out and the financial system so resilient, that nothing could take it down.

And now, they lost the bet – and the whole world economy is falling apart and needs to be rescued by the very things that Greenspan and Bush hate the most, regulation and federal ownership – and you can blame the largest part of this mess on Alan Greenspan, who, to this day, does not even acknowlege his role, or accept the blame (I guess, why would he want to accept the blame – how does that help him?).

The Presidential Election is effectively over; even should the powers that be try to hedge their bets, again, and take on Iran or North Korea, which I suspect some would like to do, and I would not put it past those that got us into Iraq in the first place, to plan something else, I still think, with the crashing economy, their position is so weakened that whatever they’ve planned will probably end up weakening them even more – and punish the rest of us.

Still, while the entire financial system collapses and needs bailout – we can’t rule out one more roll of the dice by Bush and company – I would not put it past them … to do something this month of October to alter the train of events in their favor – but it appears their luck has run sour.

Here’s an interesting set of charts – the first from digiculturetravelexpatasia where Gallup Daily: Obama’s Lead Over McCain Expands to 11

Obama’s Lead Over McCain Expands to 11

I had some work to do with getting the Gallop Poll to match up with the dates that BlogPulse supplies – but essentially, voters have begun to decide now, where the blame for $700 Billion Dollar Bailout, that is even now being eclipsed by the World Financial System Bailout – to the current administration and those who supported it.    People want real change – the agent of change can’t by defination, be someone who’s too closely associated with the current failures.

And here’s some more data from Google Insights for Search – I had to do some creative truncation of the chart to make the dates line up.

The Search data confirms that voters have made up their mind about Sarah Palin since the Vice Presidential Debate, and now, have are beginning to make up their mind about John McCain, finally, and for sure,  – at any rate, the gap between Obama and McCain continues to widen; they’ve accepted the bailout but the next round of bad news has is helping to widen the lead that is already taking place.

New Mexico and Colorado are beginning to break towards Obama, even though they are Republican Strongholds.

My point for all of this, is the architects for financial failures on Wall Street and now Main Street, the War in Iraq, Afganistan, North Korea,  don’t see they did anything wrong – even though the evidence is staring them in the face – that’s what I call Unaplogetic Greed.   You can’t expect guilty parties to own their own failures, all they try to do is deflect and divert.

But people are fed up, it’s one thing to do it with Iraq, it’s another thing to do it with your bank account.

BTW, I’m a web analyst, and while I have beliefs, I do try, at least, to find supporting data for them – and if someone wants to argue with my point of view, at least, do it with charts, not ideology.

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  1. […] I’ll try to keep my opinions to myself, and write about them somewhere else, but it’s kinda interesting to me that just as I write that post, I see […]

  2. Thanks for the link Marshall. I think that what we’re seeing now is the, “but he’s got a funny name” crowd is deciding to vote their pocketbook. McCain, “My friends”, does note evoke a sense of financial security.. Damn that Charles Keating!!

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