How did greedy big business demolish the U.S. economy?  This is a story that must now be told.

The fact is that ex-Fed chief Alan Greenspan with his 40-year low interest rate has demolished the U.S. economy!

It really is quite simple.  

For years the U.S. dollar represented the bench mark for world currency.  That dramatically changed when the U.S. stock market plummeted as high tech, over-valued stocks surged downward.  Other stocks tumbled.   Alan Grenspan, who sat on the sidelines as the high tech boom skyrocketed stock prices, made this observation:

Let's face it!  The runaway spending spree the Bush Administration has finally unleashed has hit with the big bang!

Stagflation has overtaken the nation!

No sword dance with friendly Saudi royalty or meeting with world leaders to try to plant rocket launching pads on European nation's borders can cover up a raging big bank meltdown.

The New York Times on April 21 headlined the review by Barry Gewen with the following:

There are Americans so disenchanted with democracy that when the political party they voted for does not win, they fuss and fume, refusing to show much respect for the democratic process that made America great.

For example, it often happens when a president such as Franklin Delano Roosevelt appears on the political scene, making sweeping changes during the Great Depression.  The stock market had crashed with Wall Street excesses such as people buying on Wall Street excesses such as people buying on margins, with money they didn't have.

Banks were going bust.  FDR courageously took charge with a bank holiday, enacting new laws to make sure such an economic debacle would never happen again.  But in 1987 there was another economic debacle which Wall Street called a "correction."  

The savings and loan industry had lost billions along with stock market investors.  The government acted swiftly to bail out the U.S. financial system.  Corruption had generated these economic losses for many Americans.  

U.S.A. Today on Tuesday, March 18 headlined the reality of recession, bordering on worldwide depression:

"If the U.S. economy were a car, all its warning lights would be flashing red.  The breathtaking collapse of investment bank Bear Stearns over the weekend is the latest and perhaps the most alarming - indicator to flash on the economy dashboard.

"First the crisis in subprime mortgages - loans to those with poor credit - infected the credit markets.  The home prices started sinking.  The mortgage defaults rose and the economy began to sputter.  Now the Federal Reserve is desperately trying to stabilize the credit market before a failure of confidence can poison the entire U.S. financial system."

The stock of Bear Stearns sold for $2 a share, collapsing 93%.  

Newsweek's financial columnist Daniel Gross in the January 7, 2008 edition of that news magazine told about going to Starbucks in London with $8.00 remaining on his Starbucks credit card.  After he was served a cup of coffee and bought a newspaper, the waiter frowned as he told him he owed 40 pence more.

The shrinking dollar could not buy coffee and a newspaper with the $8.00 remaining on his Starbucks credit car; he owed 40 pence more.

In summer 2007 the dollar hit a 27-year low against the British pound and a 31-year low against the Canadian dollar.  That represents a 38% drop from the 2002 peak.

The sharp decline of the U.S. dollar has definitely threatened the dollar's former status as the world's reserve currency, where it has been since World War Two.  Gross explained in his brief London trip about that dollar's low ranking against a stable British pound currency how the destruction of the U.S. dollar's value could eventually hurt U.S. consumers even more.

Will Bush take bows for destroying the dollar?

Maybe!  Bush has taken bows for everything else.  But the terrible truth is that George Bush, Dick Cheney and their Republican robot Congress have drive the U.S. debt deeper than any other administration since the United States was founded.

Fact is, the current U.S. debt has put the U.S. dollar in a free-fall against the British pound and the Euro.  The present U.S. debt is now greater than all of the other administrations since the U.S.A. was founded combined!  

With wrong war Bush at the helm of the ship of state, we are sinking fast economically.

Remember when the late religious right icon Jerry Falwell made his morality charge that God was punishing gays with Aids?

Statistics now reveal that heterosexuals by far have the mot cases of aids.

If Jerry were around today would Jerry tell his faithful flock that God was now punishing heterosexuals with aids?

Before Jerry left us he felt the Iraq War was the right thing for the U.S. to do.

The topic below was originally posted on my blog, the Intrepid Liberal Journal as well as the Independent Bloggers Alliance, The Peace Tree and Worldwide Sawdust.

Alan Greenspan belongs to the Club of Emasculated Moderate Elites who enabled corporate theocrats to destroy the American Dream at home and annihilate our moral authority abroad. A prerequisite for membership is to first allow crazy ideologues to exploit their prestige and later disown the disastrous policies their reputations facilitated. Former Secretary of State Colin Powell is a charter member of this club and a pathetic figure who criticizes the Bush Administration about Iraq when it no longer matters. Powell's domestic policy soul mate, Alan Greenspan, joined him with his new memoir, The Age of Turbulence: Adventures In a New World.

Alan Greenspan has been on "60 Minutes" to peddle his memoirs "The Age of Turbulence:  Adventures in a New World."

The most astonishing aspect of Greenspan's interview with Leslie Stahl was his wonderful view of his two decades acting as Chairman of the Federal Reserve.

When the high tech stocks skyrocketed and then collapsed, bringing about tremendous losses about the time George W. Bush became the White House resident, what was Greenspan's response.  

First, he reminded everyone that when the buyers of the high tech stocks were acting like sheep, following everyone else, he had made a suggestion that it would be wise to check out the profits of any corporation they were buying stock in and not just the prevailing stock market price.

Alan Greenspan sent shivers through the stock market a couple of weeks ago when he said, "There could be a recession."

That is accurate and Alan Greenspan should know.  His reign of error helped bring it about, including the current foreclosure crisis.

When the high tech stocks were skyrocketing the usual frenzied buying spree continued, ignoring profits. Following like sheep, they then created an ensuing crash.  When the inevitable crash hit the stock market about the time the Republicans took power.  What was the thing to do?

What if the economy had been allowed to stabilize without manipulations?  Economic stability might have occurred.  But the Administration, working closely with Alan Greenspan, cunningly figured out a way to generate superficial, short-term prosperity.

Does George W. Bush do anything right?  By that is meant correct rather than political direction.  By the latter standard Bush would be termed very far right.

When Richard Nixon was campaigning for president in 1968 he referred to the U.S. economy as he then evaluated it, saying, "Our economy is so strong that it would take a genius to wreck it."  By Nixon's standard, Bush would have to be classified as the reigning political genius of all time.  

Progressives have lately, and rightly, been hammering the unelected Cheney-Bush Junta for events such as a continuing illegal war with the world the ultimate casualty, along with those who have lost their lives and been injured, in that the move, as certain intelligence experts have noted, unified radicals in the Arab world in a way that Osama bin Laden never could.

There are also other matters such as trampling on international law with the maintenance of torture camps along with engaging in unconstitutional spying on citizens as well as, to satisfy his radical religious right base, attempting to turn America into a theocracy.  Yes, and there is preventive detention.