LONDON – It’s a rare day when finance officials, leftist intellectuals and ordinary salespeople can agree on something. But the economic meltdown that wrought its wrath from Rome to Madrid to Berlin this week brought Europeans together in a harsh chorus of condemnation of the excess and disarray on Wall Street. The finance minister of Italy’s conservative and pro-U.S. government warned of nothing less than a systemic breakdown. Giulio Tremonti excoriated the ‘voracious selfishness’ of speculators and ‘stupid sluggishness’ of regulators. And he singled out Alan Greenspan, the former chairman of the U.S. Federal Reserve, with startling scorn. ‘Greenspan was considered a master,’ Tremonti declared. ‘Now we must ask ourselves whether he is not, after [Osama] bin Laden, the man who hurt America the most. . . . It is clear that what is happening is a disease. It is not the failure of a bank, but the failure of a system. Until a few days ago, very few were willing to realize the intensity and the dramatic nature of the crisis.’ In an interview Thursday in the Italian newspaper Corriere della Sera, Tremonti drew a comparison to corruption-ridden Albania in 1997, when a nationwide pyramid scheme […]
Tuesday, September 23rd, 2008
Europeans On Left And Right Ridicule U.S. Money Meltdown
Author: SEBASTION ROTELLA and JANET STOBART
Source: Los Angeles Times
Publication Date: 20-Sep-08
Link: Europeans On Left And Right Ridicule U.S. Money Meltdown
Source: Los Angeles Times
Publication Date: 20-Sep-08
Link: Europeans On Left And Right Ridicule U.S. Money Meltdown
Stephan: It's easy to say, who cares, what the Europeans and Chinese think. But it is an shallow and erroneous observation. America reputation even by the time Alexis de Tocqueville came to the States in the 1831 rested on the world's perception of its national character. Greed, hubris, and incompetence has squandered a precious asset.