Tuesday, October 28, 2008

Like a Monument

I could’ve never imagined that a monument could be shocked by an event that is of a human nature. The Greek columns survive even an earthquake to last until today. So I must suppose that Mr Alan Greenspan is not a monument. At least not the one as sung by Johnny Cash in his famous tune “The Baron”.

On the Bing Blog “Mr. Greenspan is shocked! Shocked!” I read what I expected someone would have the courage to write about.
Was he really shocked or was it just a theatrical performance seeking compassion from the general public and a dwindling number of his followers.
He just preserved a composed face and managed not to weep like a crocodile or like the president Richard Nixon when he was impeached.

For about twenty years he ruled like a magician of Oz. It makes five US presidential time spans. With a touch of a straw like stick Mr Greenspan regulated the course of the steel & concrete rolling power engine of the American super powerhouse. But that power engine colossus, even after losing its empty financial trunks, will go on even without any of them: the empty trunks or that magic wand.

Will Mr Greenspan fade away into the void world of non insignificance replaced by some others? He missed the chance to be venerated as the genius & hero of the financial stability. Who will beat him now?

He presumably expressed some doubts about his own being right or wrong just before leaving the post. He must've been scarred about the looming danger that was to be materialized three years later. Sometimes it’s hard to be a man (not a woman as sung by Tammy Wynette) who's led the economy of the whole world out if its sane track. For what we achieved now is worse than the internet & telecom bubble implosion combined with the Enron catastrophe. No doubt, America will overcome even that, but Mr Ben Bernanke, Mr Greenspan’s successor, will be kept very busy for a moment. I wish he succeeds and I wish he becomes a new colossus of the financial world such as we expect him to be. I wish I could forget about that Great Illusion that is to haunt me after so many years of that fictional financial progress.

What bothers me even more is that the noble profession of the accountants made it clear at least four years ago that the infamous financial “System” is destined to collapse. Some articles backing the danger of an eventual hard stop were already presented on the pages of the Fortune magazine.

Now as Mr Hank Paulson said, they have worked for one hard week to achieve what was not even achievable through a two years’ period time of a normal job.
I just wonder what kind of a job it is, where you can squeeze two years’ period into one week time.

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