Alan Greenspan not only failed to recognize how shaky mortgages could affect the economy but he also missed how outsourcing would ruin our economy. Steps should have been taken to make industry more profitable by easing restrictions and finding a balance between wages and prices, tax breaks and interest rates, so companies would have stayed competitive at home.
Government went the opposite way, making it easier for foreign goods to enter the country with free-trade agreements. Everything is out of proportion -- increasing health care and costs of living that are not compatible with service wages. Housing and big ticket items are the first to go, which we are seeing now, and recession follows.
Greenspan suggested a higher tax on gasoline to curb demand with rebates for the poorest. Didn't this kind of idiotic thinking get us into this mess?
Economists say the economy is stable and will recover by early next year. Please explain that to the ex-employees of outsourced industry and the folks losing their homes. History has shown all great powers were ruined from the inside out. Are we next?
NORMAN J. NEFF