Then just 5 years later Alan Greenspan, former Chairman of the Federal Reserve, admits that there is a flaw in his ideology.
944,046 views by 2017.04 – 12696 Likes vs 259 Dislikes equals: 259/(12696/100) = 2% super rich hate what Bernie Sanders just said…
“Thank you madam chairman – Mr Greenspan nice to see you again.
Mr Greenspan i have long been concerned that you are way out of touch – with the needs of the middle-class and the working family of our country. That you see our major functioning our position as the need to represent the wealthy and the large corporations.
And i must tell you that your testimony today – only confirms all of my suspicions – and i urge you – and i mean this seriously – because you are an honest person – i think you just don’t know what is going on in the real world.
And i would urge you – come with me to Vermont – meet real people.
The country clubs and cocktail parties are not real America.
The millionaires and billionaires are exception to the rule.
You talk about an improving economy – while
- we have lost 3 million private-sector jobs in the last 2 years
- long-term unemployment has more than tripled
- unemployment is higher than it has been since 1994
- we have a 4 trillion Dollar national debt
- 1.5 million Americans have lost their health-insurance
- millions of seniors can’t afford subscription drugs
- middle-class families can’t send their kids to college because they don’t have the money to do that
- bankruptcy cases have increased by a record-breaking +23%
- business investment is at it’s lowest levels in more than 50 years
- CEOs make more than 500 times of their workers make
- the middle-class is shrinking
- we have the greatest gab between rich and poor of any industrialized nation
and this is an economy that is “improving” – i hate to see what will happen if our economy was sinking.
Now today you might not have known this – i expect that you don’t – but you have insulted – tens-of-millions of American workers.
You have defended over the years among other things – the abolishion of the minimum-wage – one of your policies – and giving huge tax-breaks to millionaires.
But today you reached a new low that i think – by suggesting that manufacturing in America – does not matter.
It doesn’t matter where the product is produced.
We lost 2 million manufacturing jobs in the last 2 years alone. 10% of our workforce.
Walmart has replaced General Motors as the major employer in America.
Paying people starvation wages rather than living wages – and all of that does not matter to you?
Doesn’t matter if it is produced in China – where workers are making 30 Cents an hour?
Or produced in Vermont where workers can make 20 bucks an hour?
It doesn’t matter – you have told the American people – that you support an trade policy that is selling them out – only working for the CEOs who can take our plants to China, Mexico and India.
You insulted Mr Castle a few moments ago – a good republican – told you that we are seeing not only the decline of manufacturing jobs – but white-collar information-technology jobs.
Forrester Research says that over the next 15 years 3.3 million service industry jobs and 136 billion in wages will move off-shore to India, Russia, China and the Philippines.
Does any of this matter to you?
Do you give one wit of concern to the middle-class and working families of this country – that’s my question.”
Alan Greenspan: “Congressman we have the highest standard of living in the world.”
Sanders: “No we have not – you go to Scandinavia and you will find that people have a much higher standard of living in terms of education, health-care and decent paying jobs.”
Alan Greenspan: “For a major industrial country – we have created the most advanced technologies – the highest standard of living – for a country of our size. Our economic growth is crucial to us. The incomes – the purchasing powers of our workers our people are by far more important than what it is we produce…”
5 years later…
Alan Greenspan: “I found a flaw in the model that i perceived as the critical functioning structure that defines how the world works – so to speak”
Congressmen: “In other words you found that your view of the world – your ideology was not right it was not working.”
Alan Greenspan: “precisely. That is precisely the reason why i was shocked, because i have been going for 40 years or more – with very considerable evidence that instead it was working exceptionally well…”