Dear Mr. Greenspan

I wanted to thank you for last week's holy edict in which you raised the prime interest rate. While writing checks this morning I noticed that you personally made my monthly mortgage payment increase by $65! Now Citibank can use that money to hire more workers at their customer support center in Bombay. I bet they could hire at least 10 Indian workers for the wage they'd pay one American worker. Now that's the capitalist spirit!

I must admit that I am concerned. You've consistently raised interest rates for the past two years. Back in the summer of 2003 when I was working as a mortgage loan processor and the prime was only 4%, we were giving away home equity loans like hotcakes. But now you've warned us of the coming apocalypse. Is it true? Will the bubble really burst? If rates keep rising and values drop then we're going to face a serious wave of foreclosures. Non-homeowners with credit card debt will be left to drown thanks to the new bankruptcy bill which protects the corporations, not the consumers.

                           

Adam Smith would scoff at how you toy with bank lending rates. Instead of acting in the auspices of promoting free enterprise and protecting the "free market", you have proved that your first priority is to protect the owners of capital--mainly large corporations. Therefore I take pride in calling you a market socialist. Go drink some Vodka with your Gosbank friends because you're no better than the Soviet economic ministers who deluded themselves with planned economy.

To that I salute you--the god of green, the maker of the market, the pope of pious purchasing.      

Comments

[m]

Feels alot like the late thirties! Foreclosures are us! M

[tina]

Personally, if I was married to that GOP water-carrying harpy Andrea Mitchell, I would consume vast quantities of Grey Goose... but everytime I see Greenspan spewing some more of his "The Sky Is... err... Might... err... Maybe Soon... err... Only After a Republican is OUT of the White House... Falling!" vomit, I want to pin a little sign on his lapel: "You are all so fucked. But that's exactly what you get for listening to my lies"... sigh... and the TRUTH shall set ye free.