Alan Greenspan said something about the budget deficit on Tuesday. The reason this is "news" is because it is shocking that Alan Greenspan is still allowed ever to speak publicly about matters of importance.
The most telling omission in Greenspan's paper is that the word "fraud" does not appear. But the world knows that the collapse of the financial system had, at its core, the largest financial fraud of all time.
Some version of Wall Street reform is going to pass the Senate this week, but before it does, there are still three crucial battles to be waged, all of which would significantly change the way Wall Street does business.
Is there something wrong with this picture, that one of the world's most powerful economic decision makers, dreads the decline of mass unemployment and rising wages among people making 80 cents an hour?
Some observers ask whether we are in 1929 or 1932. The good news is that the world is so different today, we are probably in neither. The globe has 6 billion inhabitants with that much more potential for instability.