Thursday, October 23, 2008

Wall Street and Etc:Quote Unquote | Red Is the New Black

drawing collage by marguerita
Mr. Greenspan said that he had found “a flaw in the model that I perceived is the critical functioning structure that defines how the world works.”
He said that the current crisis had “turned out to be much broader than anything that I could have imagined.”
Mr. Greenspan said that a necessary condition for the crisis to end will be a stabilization in home prices but he said that was not likely to occur for “many months in the future.”

Mr. Greenspan, who headed the nation’s central bank for 18.5 years, said that he and others who believed lending institutions would do a good job of protecting their shareholders are in a “state of shocked disbelief.”Greenspan Faces Questioning on Financial Crisis -

George Washington- supported plans to build a strong central government by funding the national debt, implementing an effective tax system, and creating a national bank. Washington avoided the temptation of war and began a decade of peace with Britain via the Jay Treaty in 1795; he used his prestige to get it ratified over intense opposition from the Jeffersonians. Although never officially joining the Federalist Party, he supported its programs and was its inspirational leader. Washington's farewell address was a primer on republican virtue and a stern warning against partisanship, sectionalism and involvement in foreign wars. His devotion to civic virtue made him an exemplary figure among early American politicians.[7][8] Washington died in 1799, and in his funeral oration, Henry Lee said that of all Americans, he was "first in war, first in peace, and first in the hearts of his countrymen."[9] Washington has been consistently ranked by scholars as one of the greatest U.S. Presidents.

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