Alan Greenspan Speaks on the Financial Crisis

The Worldwide DEBT is the problem.

The best solution for the present economic crisis would be a REBOOT or restart of the entire debt system for the ENTIRE WORLD.

1. A data base listing ALL DEBT, government, business and personal needs to be created. The list would need to list the debt and debt holder with a bank that could make an accounting of the debt. Included would be all national debt of all nations, all mortgages car notes and credit cards for individuals. All outstanding bond and other debt for corporations, The idea is to list ALL DEBT of any kind owed.

2 . Every government on the planet would need to call a special session of it’s legislature.

Using the same authority that governments have to use or create FIAT CURRENCY the legislatures and Central Banks need to authorize the creation of ACCOUNT CREDIT in an amount equal to all the listed debts in the world.

3. The Various governments and Central Banking Systems then need to make an accounting change equal to the debt in the form of an ACCOUNT CREDIT or CREDIT zeroing out ALL THE DEBT in the entire world, and crediting all debt-holders in the world.

The following day the economy of the entire world would restart and the Stock Markets of the world would react to the new renewed capital in the banking systems, the Capital now available to restart all business and the disposable income to the individual people would restart and grow the retail sectors and the manufacturing sectors of the entire world.

Allen Charles Report

http://allencharlesreport.blogspot.com/

allencharlesreport of FL 1:25PM October 26, 2008

Rather than being a free market promoter, Greenspan in some ways was an exponent of what I call "Neo-Mercantilism" (this is my term for the economic theory that has become popular in America, particularly, during the past 20 years), which until now has pervaded America, especially amongst conservatives (as well as "fiscal conservatives").

A free market is a market in which seller and buyer come together in a transparent public exchange, buyers have access to information on the product and can make decisions based on the information they have accessed. Such markets must be subject to certain regs. to prevent fraud. Fraud was enabled under "de-regulation", as when you package together excellent credit with bad credit so that buyers cannot know exactly what they are getting, you are betraying consumers of that investment product. This is thievery, and should be punishable as such!

Free markets are an ideal of an economic system called "capitalism", not an economic system called "mercantilism", which was the prevailing system during the 16-18th centuries in Europe, resulting in much oppression of the populace with low wages and no social protection in place, as well as generally high regulation on "small business" (individual merchants) and government monopolies in certain industries.

I certainly hope that the recent emergency measures rushed through Congress will not result in a strengthening of "Neo-Mercantilism" in this country or around the world.

Sandy Buckingham

Sandy Buckingham of FL 8:23PM October 24, 2008

Economics 101 says never throw good money after bad! This bailout is throwning goog money after bad...

Those who invested in hedge funds, derivitives, puts & call, and stocks should not be bailed out... They took a gamble and lost...

Greedy CEO's, Bank executives and Wall Street Management should never have received bonuses when their firms were losing money and controls should have been in place to totally eliminate high risk taking in investments (buying bundled high risk mortgages).

The people at the top of these organizations are not incompetent losers. They are highly intelligent and educated at some of the best schools in the country. They have been taught to evaluate all performance factors impacting their respective bonuses and did everything possible to influence their underlings decisions (wrongly) to maximize those bonuses. They need to be fired and banned from ever working in the financial industries because they have ruined our financial system and are self serving, above the law dictators.

Richard Kaminski of GA 6:03PM October 24, 2008

Just because you strongly dislike President Bush (I also strongly dislike a few things he has done to our country) does not mean that we should wait to solve this financial crisis and stabilize the economy. Both Senator McCain and Senator Obama understand this and I think President Bush is trying as he can. Senator Obama said he wanted immediate action and that's one thing I can definitely agree upon with him. I do think though that Senator McCain is the safest bet to work in a bipartisan way with the Democrats in Congress to reform and modernize the regulatory structure of the financial structure. I cannot fully read what Obama's exact ideology is, but am concerned that he will needlessly over-regulate. The financial system was under-regulated, needs more comprehensive regulation, but does not need over-regulation.

That's why I want McCain to win so things don't get out of hand like they did under Bush-Delay control. Corruption is in both the private sector and the government and corruption is in both the Democratic and Republican parties. McCain's been my candidate since 2000 and is who I trust that we need today.

Joe Chronowski of VA 1:45PM October 24, 2008