Thursday, March 5, 2009

Killer Economy: Greenspan's Body Count

What is Greenspan's Body Count? W.C. Varones has been reporting the various deaths, mostly suicides, related to the current economic crisis, on his blog of the same name. As of March 3rd, 2009, the body count stood at eighty-four.

Of course, W.C. Varones believes, like many others, that Alan Greenspan, the former chairman of the Federal Reserve, played a significant role in the economic down turn.
Photo via The Daily Banter, 2/17/09, via

FYI: I came across the "Greenspan's Body Count" blog when I was searching for information about a financial adviser who recently committed suicide. This hit close to home, as my husband and I know a couple of people who invested with this person. From what my husband tells me, it is very likely that this trader was running a fraud. I'll share more about this in a future post.

UPDATE: I found the information I was looking for:
Charlotte N.C. Area Investment Fraud: $30 Million Gone, Swindler Bruce Kramer Committed Suicide

Killer Economy? The deepening recession may lead to growth in suicide rates
Linda Stern, Newsweek, 1/14/09
His Legacy Tarnished, Greenspan Goes on Defensive
Wall Street Journal, 4/8/08

Greenspan quote from above article
about the failure of market self-regulation:

"There were far more failures here than I expected. I've been chagrined at how badly some of the judgments of very sophisticated investors have been with respect to risks...It's all human psychology with which we're dealing, not institutions. The argument, therefore, is not to discard counterparty surveillance, but, essentially, to patch it back together."

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