Giving the word "mob" a bad name | Main | Cultural initiation

June 17, 2005

An old banker frets, dithers

Posted by Phil on June 17, 2005 10:51 AM

Who said it:

The income gap between the rich and the rest of the U.S. population has become so wide, and is growing so fast, that it might eventually threaten the stability of democratic capitalism itself.

Alan Greenspan!

[T]he U.S. now has a significant divergence in the fortunes of different groups in its labor market. "As I've often said, this is not the type of thing which a democratic society--a capitalist democratic society--can really accept without addressing," Greenspan told the congressional hearing.

Has he often said that? I've never heard him say that. Jeez, nobody wants Mr. Potter to have a conscience. It would spoil the fun of dragging him out of his wheelchair and gang-stomping him. But don't worry...

America's powerful central banker hasn't suddenly lurched to the left of Democratic National Committee chief Howard Dean. His solution is better education today to create a flexible workforce for tomorrow--not confiscation of plutocrats' yachts.

That's a relief--most of them only got those yachts after what's-his-name cut their taxes. They've barely learned to paddle them!

U.S. children test above world average levels at the 4th grade level, he noted. By the 12th grade, they do not. "We have to do something to prevent that from happening," said Greenspan.

Yes, we sure do. I wonder what?

If he thinks of anything, he should phone "Bush's Man Mitch" Daniels, now Republican governor of Indiana, for whom education is clearly not a priority.

At least Greenspan can say, "I told you I was worried," come the revolution. And to think I once called him a warped, frustrated old man. Unfortunately, the scurvy little spider wasn't much help when Bush manfully shifted the taxes of trust-fund babies and wealthy gad-abouts onto workers whose real wages are lower than they were 30 years ago. If only they'd been better educated....

(Quotes snipped and flipped as needed. CS Monitor story here.)