The blood on Greenspan's hands

The former Federal Reserve chief now admits there is a housing bubble, yet he still refuses to take the blame he so richly deserves, By Bill Fleckenstein

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Hi! Bill,

Be nice to an old gentleman Mr. G, Okay? 

Keep in mind that he used to be one of the big brothers.  Now he is down, but don't kick him.   All big brothers won't be happy for what you did to him.   At least, you are now going to have trouble with labor unions.  Don't believe me?  Did you see the slogan just came out as hot as a hot potato?  Just in case:  Here we go!

Kick 'em when they're down

Unions http://www.dontdepositatcountrywide.info/

What's the big deal?  From Adam Smith, Karl Marx to John Keynes, who says a capitalist economy is going to be a smooth way of life?  It is supposed to be insecure with opportunity (or risk), isn't it?

What's so big deal to those exotic ARM's homeowners?  What can happen to them?  Are they going to be worse off than they took part of the game?  Give me the worst scenario, the bottom line, please.  

What I can see the bottom is for them to go back as a renter.  That's the place exactly they belong to originally, am I right?  No death sentence, jail terms or whatever for a debtor, right?   Ooh, they are going to be fallen into more debts.  Are you sure about that, under our current system?  

They just walk away from a luxury they don't deserve (?   Gee, what am I talking about?  I hope they should have a sweet home and good time.  With all my heart, I believe they shall have it as a citizen of USA.  Christmas is near the corner!) or a trouble they can't handle.  They shall be okay, free from any debt after a non-recourse foreclosure.  What will cause them further trouble? 

No, nothing.  They are so poor to be in the one fifth bottom of our society in terms of income or wealth.  They almost own nothing, let alone something to lose.   This bubble will leave them a good memory of the pride of ownership they tasted.  I prey to God: Hopefully that taste will give them a strong incentive to firmly determine to climb up to the upper class and a desire to stay out of a slump.

Of course, It is exactly them who are causing a trouble to some innocent senior retirees who have done nothing to increase huge property tax burden.   Who's a victim here, my folks?

If it is the case that most ARM home owners end up, they are desperated with a surrender of giving up in mindset as I had in 1990.  Nothing to lose and to worry for me at that times.  Why they are going to cry out?   Believe me It is those Wall Street fat cats who are trying to do anything to take advantage of the situation, not them, the victims.

And who is going to be the final winner?