Speaking Of...

Asshole, um, I mean Alan Greenspan, continues to behave as if Bush was the boy emperor, and he a court eunuch:

Federal Reserve Chairman Alan Greenspan told Congress that the mounting financial pressure of a wave of retiring baby boomers is so great that cuts in future government retirement benefits are all but inevitable.

The Fed chairman told the Senate Special Committee on Aging that the nation has about three years to work out a fix. "In 2008, the leading edge of what must surely be the largest shift from retirement in our nation's history will become evident as some baby boomers become eligible for Social Security," he said in his prepared remarks.

Wow, they said the chairman of the Federal Reserve was powerful--apparently powerful enough to make the sky fall down even earlier than the dauphin.

So--considering that Mr. Greenspan is implying that Government securities apparently aren't the secure investment instrument they claim to be (Social Security finances with these instruments), how will OTHER instutions, governments, and private investors react? Because the SSA's bonds aren't ANY different from the bonds floated to the private market. Way to go Alan--you've devalued US Government property in your zeal to prove loyalty to THE MOST FISCALLY IRRESPONSIBLE pResident in this country's history. Nice job.

Oh, and here's one more quote for good measure:

"We were confronted at the time with an almost universal expectation amongst experts that we were dealing with a very large surplus for which there seemed to be no end," Mr. Greenspan told members of the Senate Select Committee on Aging.

"I look back and I would say to you, if confronted with the same evidence we had back then, I would recommend exactly what I recommended them," he continued. "It turns out we were all wrong."

"We were all wrong." Where've I heard that before?