The Greenspan Era Revisited:

With the world economy on the brink of collapse, the legacy of Alan Greenspan, the former Chairman of the Federal Reserve from 1987 to 2006, is being reevaluated. Greenspan was, and continues to be, an advocate of deregulation. He is a big fan of "derivatives," (created to protect investors against losses; your insurance contract on your home is a derivative).

Greenspan's argument is that the current crisis is a result of greedy individuals; therefore, there is no need for regulation. For some reason he doesn't seem to understand that regulation's purpose is to protect the public against greedy individuals.

The lineup of people who are opposed to Greenspan's views is impressive. It includes George Soros, Felix G. Rohatyn, and Warren E. Buffett. All three have been warning the American public and government for years that unregulated derivatives were a time bomb. To get a better look at the situation, see today's New York Times. When Greenspan left his position as head of the Fed, he was generally viewed as an American economic hero, but the economy was already in a state of freefall that began almost precisely when George W. Bush took his first oath of office.

What about Afghanistan?

The prognosis for Afghanistan, the staging ground for the 9/11 terrorist attacks, is worse than ever. The CIA is blaming poor leadership in the White House along with indifference among European leaders. (See The New York Times story.) The Afghan government is corrupt and failing, and the Taliban, the folks who like to blow up art works with cannons and who like having Osama ben Laden as a house guest, have made massive gains. Under American sponsorship, Afghanistan has become the world's largest supplier of opium.

The McCain Strategy:

With John McCain down in the polls, the media is focusing on his hit below the belt strategy in advertising and public appearances, with Winking Sarah taking the lead. But the real strategy seems to be tied to denying voters the right to vote. Check out what's happening in six important swing states, where voters are being delared ineligible to vote at rates in the hundreds of thousands. The process relies on use of the Social Security database, and is illegal, but little attention has been given to what is currenlty taking place. (See The New York Times story.)

Will voters "take it to the street" when another election is stolen?

The Dude: "Saddam would still be in power if [John Kerry] were the president of the United States, and the world would be a lot better off." — George W. Bush, second presidential debate, St. Louis, Missouri, October 8, 2004. (Out of the mouths of babes.)