Sunday, February 22, 2009

Historically Significant

In my most humble and amateur opinion, this may be the most significant quote of year;

”It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring.”

Alan Greenspan
February 18, 2009

Alan Greenspan is, of course, the former Federal Reserve Chairman. He made the statement in an interview with with London’s Financial Times.

For those that don’t know, the Financial Times is ”a British international business newspaper. It is a morning daily newspaper published in London and is printed at 24 sites. Its rival is the New York City-based Wall Street Journal. “

At the risk of repeating myself, I must highlight the fact that -- after 30 years of Republicans trying to destroy the government -- we now find ourselves in a position of needing that very same government. I am not at all confident that the bruised and battered professional civil service is up to the task it needs to perform.

I would be remiss in not noting that this previous post had its roots in the same place today’s post does -- with Paul Krugman.

Comrade Greenspan: Seize the economy’s commanding heights!

You don’t have to be a public servant to serve the Public.

(Note: For those that don’t “get” the title...Vladimir Lenin, who used the phrase "commanding heights" to refer to the segments and industries in an economy that effectively control and support the others, such as oil, railroads, banking and steel.“)

Don Brown
February 22, 2009

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