“Alan’s Bubbles” by ChrisCo and [insert front man/woman author here]. We’ll take care of the catchy subtitle later (maybe “And the Chairman’s New Clothes”?). Yes, there will be scores of books written about Alan Greenspan and his legacy, but ours will be the one written for independent thinkers by independent thinkers. The conventional wisdom will be unmasked, the fallacies that built these bubbles, and ultimately lead to their demise, will be exposed. Of course it’s already too late to prevent the coming rinse cycle, but it must be written about nonetheless. We’ll cover Sir Alan’s entire life, with special attention to how his avoidance of minor bumps lead him to create excess liquidity, which combined with other factors to enable excess confidence and risk taking by everyone from the president on down to the college kid on his third investment property who thinks real estate prices can only go up and interest rates can only go down. Sprinkle in some fraud and a rogue president and you really have a recipe for disaster. I think the cover of our book will have a picture like the one above, which is from Reuters and Yahoo.com. In any event, just give me an email if you’re qualified and want to be a part of this project. Cheers!
A wise man/woman makes his/her own decisions; an ignorant one follows public opinion.
-Grantland Rice (journalist)
To avoid having to account for his administration’s misleading statements before the war with Iraq, President Bush has tried denial, saying he did not skew the intelligence. He’s tried to share the blame, claiming that Congress had the same intelligence he had, as well as President Bill Clinton. He’s tried to pass the buck and blame the C.I.A. Lately, he’s gone on the attack, accusing Democrats in Congress of aiding the terrorists.
Yesterday in Alaska, Mr. Bush trotted out the same tedious deflection on Iraq that he usually attempts when his back is against the wall: he claims that questioning his actions three years ago is a betrayal of the troops in battle today.
It all amounts to one energetic effort at avoidance. But like the W.M.D. reports that started the whole thing, the only problem is that none of it has been true.