Tuesday, March 25, 2008

Hillary Clinton has proposed an "emergency group" including Alan Greenspan to deal with the credit crunch that's occurring as the real estate bubble pops. Of course, if Greenspan were the sort who were inclined to do something about it, he might have done that while he was running the Fed. Instead he cheered the bubble on, actually touting risky adjustable-rate mortgages when fixed rates were stunningly low, and refusing to look into lending practices that were clearly out of line. He made the mess, Clinton seems to argue; who better to clean it up?

Well, if that doesn't sway you, Will Bunch of the Philadelphia Daily News reports that she now has another argument in favor of Greenspan:

... he has a calming influence still to this day on Wall Street -- don't ask me why because I never understand what he's saying -- but nevertheless people respond to that Delphic oracle approach. I think it would be wise to include him.
Delphic oracle. Calming. OK. Would that be this Delphic oracle?

After sacrificing 300 head of cattle to Apollo, Croesus had gold and silver melted down into 117 bricks, which he sent to Delphi along with jewels, statues, and a gold bowl weighing a quarter of a ton.

With these gifts, Croesus sent his question of whether he should attack Persia. The Pythia answered that, if he went to war, "Croesus will destroy a great empire." Encouraged by this response, he invaded Persia, only to be decisively beaten in battle. The Persians invaded and conquered Lydia and captured Croesus. Imprisoned by the Persians, Croesus bitterly denounced the Delphic oracle for having deceived him. After receiving permission from his captors, Croesus sent his iron chains to Delphi with the question, "Why did you lie to me?" The Pythia answered that her prediction had been fulfilled. Croesus had destroyed a great empire -- his own.

I feel calmer already.


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