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Arrogant elitism, the extremely sickening narcisssisstic kind, has never risen to such oxygen-thin heights. Let Andrea Mitchell's husband, ex-Fed Chairman, Alan Greenspan take you to the pinnacle of Mt. Olympus for a glimpse of how gods really think.....
As top Federal Reserve officials debated whether there was a housing bubble and what to do about it, then-Chairman Alan Greenspan argued that the dissent should be kept secret so that the Fed wouldn't lose control of the debate to people less well-informed than themselves.
"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," Greenspan said, according to the transcripts of a March 2004 meeting.
What conservative financial thinkers, like Greenspan, "fully" understood was that Big Banksters could be oh-so-trusted to voluntarily police their own greed. "Less well-informed" average Americans, you know,... little people who weren't members of the Federal Reserve Board, simply couldn't appreciate the depths of wisdom that Great Financial Gurus, like Greenspan, possessed.
I know that I didn't fully appreciate the wellsprings of brilliance that poured forth at the time from Greenspan as he personally pumped as hard as he could to inflate our national mortgage balloon. I guess I underestimated how large of a gap in understanding and comprehension there really is between mere mortals, the "less well informed", and those whose depth of insight led diectly to the financial collapse of the richest country in world history. Believe me when I say....we truly are not worthy to have Giants like Greespan walking in our midst.
At that 2004 Fed meeting.....
..a Federal Reserve bank president from Atlanta, Jack Guynn, warned that "a number of folks are expressing growing concern about potential overbuilding and worrisome speculation in the real estate markets, especially in Florida. Entire condo projects and upscale residential lots are being pre-sold before any construction, with buyers freely admitting that they have no intention of occupying the units or building on the land but rather are counting on 'flipping' the properties--selling them quickly at higher prices."
Not only did the Veritable Genius, Greenspan, not share any of that troubling information with unwashed-non-Mt.Olympus dwellers.....Mr. Irrational Exuberance defended the non-sharing by arrogantly telling the others who sat on lofty perchs with Greenspan that only "they" "fully understood such things."
Why confuse the silly, ignorant masses? Why explain empirical data to U.S. elected officials, when only the brain Surgeons of High Finance could ever "fully" understand that empirical data? Why muddy up the loftiness of godlike discourse with the mere mortal whining of 'we the stupid people'?
Just consider what Greenspan's Boyz "fully understood." They knew in 2004 that Floridians were simply playing the real estate market like a slot machine. They knew that speculative buyers had "no intention of occupying the condos or building on the land" that buyers were gobbling up everywhere. The Genuises "fully understood", in 2004, that huge swaths of real estate purchasing was only for the purpose of "flipping." The FED, exclusively, "fully understood" that if "flipping" was a major driver in the big mortgage boom....that a bubble was, most likely, being blown up in housing.
Yet, Ohbewan Greenspan kept those interest rates low and decided to not warn anyone about the, obviously, troubling data or the potential for the economy to, like, go boom. And even in 2004, it wasn't just Florida....
"The substantial run-up in house prices, which we have followed in Florida and also see in the populous Northeast and West Coast of the United States, may be at least partially attributable to unusually low mortgage rates influenced by our very accommodative policy," Guynn warned.
But Father Greenspan, the Great One who, alone, could speak, and interpret, the language of the gods.....thought all of that information not worthy of sharing with governmental leaders or...gasp....average Americans.
"It is possible to lose control of a process that only we fully understand."
Andrea Mitchell's husband was right the hell on......I don't understand any of it.
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