Even Alan Greenspan Realizes We Have A Problem

Follow this link to the story on Bloomberg about Alan Greenspan’s latest thoughts.

Let me try a few quotes to see if I can scare the pants off of you.

“There’s no question that this is in the process of outstripping anything I’ve seen, and it is still not resolved,”

“This is a once in a half century, probably once in a century type of event,”

The former Fed chairman also said he’s “fearful” the federal takeover of Fannie Mae and Freddie Mac may be “extraordinarily expensive.”

Follow this link to another Bloomberg report on Alan Greenspan.

Greenspan, a lifelong Republican and longtime friend of McCain, said today on Bloomberg Television’s “Political Capital With Al Hunt” that “I’m not in favor of financing tax cuts with borrowed money.”

Here is another exerpt from the story:

Greenspan said the widening income disparity among Americans is a “very serious” issue, and requires both raising the pay of lower-income workers and reducing higher incomes. “The best way of doing that is to remove what is essentially protectionism for those skilled workers in the United States who are helped by keeping out their competition,” he said, referring to the issue of “skilled immigration.”

The U.S. education system is “critical” to help “cutting-edge technologies”replace older industries that will be phased out over time, Greenspan said.

Does this sound like stuff that McCain/Palin understands?  Of course Greenspan’s remarks about “skilled immigration” have nothing to do with the really wealthy.  Most of the people he is talking about make considrerably less than Obama’s $250,000 per year income cutoff for tax relief.

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