Dodger

I had to smile with a sense of satisfaction when I saw clips of Alan Greenspan testifying before the House Committee on Oversight and Government Reform.  There was the Gran Poo-Bah, his face worked up to a juvenile wonderment, his lips even seemed to be quivering.  Slings and arrows came at him.  What had happened?  How had it all come to this?  Where were the friendly lawmakers who could be counted on to dote on this awesome sage?  Where was the maestro's sighing audience?

I will give him this: He was as cunning as Charles Dickens' Artful Dodger.   He shifted and pirouetted masterfully around any questions of his responsibility or culpability. I was reminded of a little T-shirt I saw in a children's clothing store that boldly announced "It wasn't me!"  Greenspan refused to accept any blame for the economic crisis and chaos but admitted that his belief in deregulation had been shaken.  Oh my!  A little shaken!  Much more eye-opening than the loss of one's home and retirement fund!  This is, after all,  about prestige and gravitas!

 He said,  "Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief."  NYTimes, B1, 10.24.08)

This reminds me of the famous scene in Casablanca between Rick and Captain Renault, the corrupt law officer:

Rick: How can you close me up? On what grounds?
Captain Renault: I'm shocked, shocked to find that gambling is going on in here.
[A casino worker gives Renault a wad of money.]
Casino Worker: Your winnings, sir.
Captain Renault: [Quietly] Oh, thank you very much. [Loudly] Everybody out at once.

When Greenspan was finally pushed for the slightest semblance of responsibility, he acceded. Well somewhat.

"'Were you wrong?'  Mr Waxman [the Committee chairman] asked.

'Partially,' the former Fed chairman reluctantly answered."  (NYTimes, B6, 10.24.08)

Ah, the fall from grace!  If only he had been born simple and common!