Greenspan Says I Still Dont Fully Understand What Happene

[TheGiantRobot]

He speaks very well. He's not a drooling idiot. Therefore, a criminal. Send him to jail. Or let him get away with it and burn that much longer in hell. Our choice.

[exenrontexas]

Randite views were very popular at ENRON CORP. They used those lies to convince others that they didn't need to look closely at the criminal operations they was involved in. The concept that markets regulate themselves never admit or take into account the catastrophic failures that occur when you deregulate. In a sense the Great Depression & every other economic calamity since have been market corrections but at a great price of enormous suffering. Seeing that and not fixing it is criminal.

[exenrontexas]

@exenrontexas And many of the programs put in place to protect the people of America from such failures, such human suffering has been dismantled since Reagan which climaxed in the current economic failure. There have been numberous red flags along the way like when Reagan deregulated the S&L industry and it collapse. S&Ls aka thrifts performed a vital function of citizens savings being used for home construction. Reagan changed that and gave it to the banksters and derivitives.

[AAwildeone]

Nothing wrong with Ayn Rand....except the Invisible Hand in the face of individuals who know how to manipulate a square of the whole negates the rest of the fingers

[johnnybizaro1]

Alan Greenspan has a right wing ideology and he does not care about the small guys.

In the real world we have the big guys not pay tax and use transfer pricing to avoid paying.

We have the government bail out rich folk who believe in re-distribution of wealth from the middle class to the rich folk.

Alan Greenspan is searching very hard trying to reverse the truth. That self regulation does not work. It has never worked. The OWS went to Wall street because they control the congress.

[praheelie]

Greenspan (and Larry Summers) fought against CFTC chairperson Brooksley Born's efforts to sound the alarm as to the derivatives market's potential for causing systemic risk way back in the late 90s. They ridiculed her and shut her down. Big mistake.

Adam Smith didn't know about derivatives! Today, the "notional value" of the derivatives market is estimated to be about $600 Trillion!!! That's trillion, with a 'T'.

[eddied111]

My generation don't care whether your left or right. We just want the best people in the job.

[eddied111]

Typical elegant rebuttal from Greenspan. Showing his street smarts. However, it angers me that these leaders can be slow to be alert to new problems, and even slower to come up with solutions and Change.

[kLuKluXJaMes]

DIRTY UGLY LYING JEWS THE BOTH OF THEM MAY YOU BURN IN HELL WHICH YOU WILL!!!!!!!

[1TimeTraveller1]

Alan Greenspan is still so much more intelligent than people questioning or criticizing him. Where were those crusaders of the world who attack him now then? The world economy and financial markets are too complex for ANYONE to really grasp them to the full extent. And those who took credit just because it was available and lived beyond their means should look at the mirror - and stop looking for a scapegoat. I feel no sorry for bitching losers.

the proud self-made 1%.

[notadirector]

I still don't understand how is controlling interest rates a "free market" approach. I think he is just trolling.

[RonanG]

Alan Greenspan believed in a ideology peddled by Ayn Rand a Russian lady who wrote a book in the 50s called 'Atlas Shrugged' which championed selfishness as a positive means of doing business and look where that got the world! Greenspan should be sharing a cell with Bernie Madoff!

[rmeuk]

@RonanG Exactly! That book was chockfull of strawmen, flawed arguments, and a totally black-and-white view of the world. It was exciting and well written, but totally rediculous. I lost all belief in Greenspan's intelligence after reading it.

[wewantmoreparty]

how can you advocate free markets when you are head off the fed?

yerh let seperate the problem in its component parts .. you ( allan grenspan ), tim geithner, Ben Bernanke , Henry Paulson , Lawrence( larry ) Summers and Robert Rubin and the big banks that run the show . jp morgan ,goldman sachs and ect. its the The Fractional Reserve System = lent out something you dont have and charge an Interest!!!

[Marius26879]

Filthy kike bankers have ruined America liek they ruined Germany and Russia

[VeggiePower303]

I fully understand what happened. You fucking Bankster criminals have stolen our money. As of now all of you are excommunicated. All contracts are resended, invalid, VOID. The people do not owe you anything. You owe us 100 years worth of illegal income-tax collection. I am sure you can do the math. $12347612734231983491273613728­95461583294547561347478127348.­99 Or something like that. I could be off a few cents here.

[VeggiePower303]

This is all bullshit.

The Bankers have planed all of this for decades.

Like they have done it many times before.

You don't need to be a genius to know that you can't live on Credit forever.

This is what destroyed the USSR.

Greenspan is lying and trying to portray that this was unforeseeable.

All BULLSHIT!!!

All of you white collar CRIMINALS will go to HELL.

[kyriacos40]

I dont know what to think,its seems Green Span just made a mistake,and a costly one.I would like to think it wasnt intentional,because this mistake hurt millions of people.

[shalafi00]

I find it interesting so many people hate Greenspan. He didn't believe in the "new economy". Initially he said it was all bullshit, and then after intense pressure from wall st, the white house, and his fellow economists, he had an intense moment of insight (really!), and decided that it could be true. He got sucked in, just like nearly everyone else. Unfortunately, despite the crash giving strong evidence against the "guiding hand of the markets", most still believe in it!

[ovechkin100]

he said in a manner that hid it best, that he fucked up largely

[JRJcrf150f]

at 5:48 he says idiology not ideology. spot on about himself idiot.

[masluxx]

liars and greedy bastards in the know taking advantage of deregulation is what happened.

[Waszma]

Greenspan sucks farts out of pillow cases

[MrFrankBullitt]

Greenspan was appointed BECAUSE of his ideology.

Everybody knew he was for self-regulation.

[joewoo127]

Simply Speaking ... NOBODY KNEW WHAT THEY WERE DOING !

[joewoo127]

He's a shear " Genius " ... theres more assholes than peoples

[mrtastyface]

Alan Greenspan should have been tarred and feathered, and his cunt wife Ayn Rand could pull the tar off him

[sesshoumaru3st]

He said his erroneous decision was allowing the financial institution to regulate it's own assets.Banks have no asset.They depend on deposit from else where to allocate assets.In short,these aberrant structures depend on working Americans to deposit their hard earn capital while bankrupting and forcing the poor to give up their valuable assets due to delay payment on sophisticated financial "PRODUCTS".So,Green didn't perceive the negative risk management that would be proposed on these assets?

[scarletlake77]

the definition of ideology is not needed in order to understand that the framework of his answers is a huge lie when he says he doesn't understand how the problem has arisen. how could you do any job for 20 or 30 years and not know what is your business? the federal reserve is fucking evil!

[MsMihailescu]

We have exterminated the property owners in Russia. We are going to do the same thing in Europe and America."

(The Jew, December 1925, Zinobit)

Read this book for free on internet,,jews have prepare blood shed,suffering and destruction for you.

Who Is Esau-Edom...Who Is Esau-Edom..

[mckeonjt]

Victim of another Black Swan

[degauze]

Does anyone know where the full version of this can be found? Saw a clip of this on Frontline: The Warning doc, a little more here, but now I want to see the full thing.. any clue?

[socalguy24]

Yeah and now we have Greenspan Jr. in charge and his cousin at the treasury. If you thought Bush Jr. was bad. It's worth noting that Greenspan was a pompous guy while the world was bowing to him.

[itisGabe]

6:14 (to the end). The inevitable friction which occurs when reality meets ideology (no matter how accurate that ideology is most of the time)

[orangedac]

this guy has gone from meistro to irrelevance.

[bpknapp63]

greenspan is a fraud and a lier.

[vandersloppy21]

key word in this whole vid IDEOLOGY... a theory not based on proven fact, alan greenspan is a fucking puppet with the giant greedy collective hand of wall street shoved up his ass, he had no idea what would happen but he still kept pushing deregulation!! hmmm heres a idea remember the great depression... yup government regulation got us out of it. it took 10 years but we did it. thank you FDR and your kansian ideas. and for all you right wingers out there GOVERNMENT REGULATION IS NOT SOCIALISM!!

[lottaluck]

He needs to appologise to Brooksley Born now!

[lottaluck]

He needs to appologise to Brooksley Born now!

[CityzenJane]

um the US tax payer "absorbed that risk" where is keyboard cat when you need him...

[pjamesbda]

For the wisdom of the world will be foolishness before God.

[Arkaneberserk]

It's funny how some of you believe you would do better if you were in the position of Mr Greenspan.... Oh, I see, all of you have a doctorate in economics and are known for your intelligence. Look at how you manage your own finances and say me you can manage the Federal Reserve better than him, you despicable loathsome morons!

[jereuter01]

Actually there are many of us out here that have excellent personal finance skills! The problem is that Mr. Greenspan could not get it right with his education and over 100+ top notch economists just like him on his FRB payroll. Reason: because like you he worshiped Milton Friedman and was unable or unwilling like you to listen and learn from John Maynard Keyes.

[Overdose916]

earth**. goddamm it.

[Overdose916]

Jew....... scum of the earht.

[Relugus]

I will bet he has not apologised to Brooksley Born.

[bigz008]

1:41 i see ben bernanke way at the back LOL

[99boy]

You have a very, very good eye.

[fightfan101a]

Brooksley E. Born the chess master should have been listened to instead of this smoke blowing checkers player Greenspan and his boy's club including Rubin. He does not know what happened? - Liar Liar , I am surprised his nose didn't grow a couple of feet. Unfortunately, Greenspan, Rubin etc are not much better than Madoff. They want to keep this murky voodoo market unregulated so that the wealthy few can shaft the middle class.

[goldensonicwow]

You should read wealth of nations to get an insight of what capitalism is because your misinformed thats one. and two extending personal liberties and de regulations is the only way to regulate the market. you let it do it by itself. Because you cant regulate a 13 trillion dollar economy how you want, everybody in the sec will tell you that. they rely on whistleblowers. its very hard for a goverment to keep in check regulations so its better to do without them.

[mistersumthing]

yeah, just like government can't keep track of all morality, or we know somewhere laws will always get broken so better not to have them at all....that is the dumbest logic ever. why don't we just go into time machines and live as cave men

[goldensonicwow]

The Federal Reserve is oversighted every 6 months by senate hearings. so false. Alan Greenspan is extremely smart. And people who blame him alone for the crisis dont have any idea about anything regarding economics.

[99rhetbaboons]

He's extremely educated and extremely arrogant. He and his ilk think of themselves as the ever so sensible dad type, and their enemies as hippy dippy types, and that at the end of the day it is the sensible dad types who have everything figured out, who are the smartest and most insightful and sensible. They think ideas like a person not needing to be regulated because misbehaving would lose customers and therefore money is motivation to behave. Wow. That's clever if you're Frank Burns.

[independent684]

GET A ROPE

[MrTabby5000]

Alan didn't understand that if you take away the sheriff the criminals come out.What planet is he on?

[99rhetbaboons]

Psuedo intellectuals have a way of talking that makes them sound much smarter than they are; especially to themselves.

[MrTabby5000]

Looks like when a white or jewish wealthy banker commits a crime thats ok,but if a black person commits a crime to eat,prison time.

[JP5466]

Should be in jail. This man caused more damage and pain that any mass-murderer in history.

[993turbo]

It's ALL about interest-rates and only about interest-rates and interest-rates on interest-rates!! And it's about buying and selling book-money and paper-money in the stock-markets. 99,5% of all deals are about paper and book-money. 0,5% of the deals are about goods !!! HELLO IS ANYBODY HOME ??

[triumphelf]

Federal Reserve is Above the LAW,They can Never be Audited or Investigated by any Government !!

[Lane4411]

Wrong!!

Go back to the S&L debacle

Greenspan is and academic -CLUELESS

[MovieBoxOffice]

Alan Greenspan is very lucky that he had been in America, if he were in China, he'd get at least 20 year prison time. What makes US the "greatest system" in the world is - no one has be responsible after screwing up the country.

[JP5466]

No, he would've been shot in the head.

[nyhos666]

@MovieBoxOffice China actually has the death penalty for corruption.

[generalmaximus53]

@MovieBoxOffice 

[im4wur]

Apparently Greenspan is having trouble recognizing that GREED has been undermining one of his "pillars".

[Liozeris]

What a lying sh!t that magoo is. The face of an illuminati henchman.

[Susieshepherd]

I don't get this- I have nothing against Waxman- but he asked GReenspan about drivatives- Greenspan went on to answer & Waxman interupted & changed the subject. My tax dollars paid for that hearing, Greenspan handled 09/11 perfectly - I would have really liked to have been able to hear what he had to say

[Civsuccess2]

Greenspan is for free-market. Yet he doesn't follow Milton Friedman's constant 3% interest rate policy. He chose to interfere with the interest rate. That is a socialist central planning. I have only pity for him. He destroyed the economy in the name of "free market" yet he was practicing socialism. He was playing God when he is not. Now, he must be crying in the mighty invisible hands of his God and repenting on what he had done.

[uluuluululu]

Shut the fuck up when u have no clue what you are talking about! "Interfering" with the interest rate was his job as a FED chairman, he is responsible to set the damn thing but of course not that low for so long! Unfortunately he also has the mandate to maintain growth and employment. The combination of Bush's horrible fiscal policy and the stimulation of this monetary policy led us to this crisis. And what the fuck is this "constant 3% policy"? Shut the fuck up you retarded ignorant hillbilly!

[Civsuccess2]

You are the retard one unfortunately. Please speak only after you understand what "constant 3%" policy means. You have no farking clue just like Greenspan has no farking clue when he lower the interest rate. Don't play GOD. Your hands are not invisible.

[uluuluululu]

Lol you bullshitting hillbilly, there is at least one thing invisible for sure, your knowledge about economics. Moreover your "constant 3% policy" is invisible, as of course it never existed. That's really the dumbest thing I ever heard of. Every person with more brain than a toaster has to laugh their as off. Whats the next thing you are going to invent? Constant fuel prices? Constant temperature? Constant speed limits? Constant stupidity? Well you managed to accomplish that one in your case!

[Civsuccess2]

Everybody, we have got a troll over here!!!!!!

Attention whoring troll!!!

[uluuluululu]

Lol

Everybody, we have a retarded ignorant hillbilly over here!!!!

Attention whoring bonehead!!!

Come on, do us a favor and try to prove your "constant interest rate theory". Must be easy when Friedman invented it as you said. We are all waiting...

[Civsuccess2]

Friedman was in favor of abolishing the Federal Reserve System and replacing it with a mechanical system in nature that would keep the quantity of money going up at a steady rate, issued directly by the government and cutting back on fractional reserve banking powers for the banks.

[Civsuccess2]

I don't have time to teach your sorry ass. Go back to elementary school.

[Civsuccess2]

Friedman urged the Fed to adopt a constant growth rate for a monetary aggregate as

a faute de mieux policy that would reduce the volatility of money growth

Citation: Monetary Policy and the Legacy of Milton Friedman

[uluuluululu]

Nice job quoting Anna Schwartz, but you should understand what you copy. Friedman's theory of a constant monetary aggregate growth would be the complete opposite of what you said earlier. The thing you called "constant interest rate" is the complete opposite to the concept proposed by Friedman. It was simply invented by yourself. Friedman wanted to keep M3 growth constant and change the interest rate to whatever is needed to achieve that. One thing constant, other thing variable. Try again.

[xaviqaz]

In 2005, one year before dying, Friedman said that US economy was doing great, deficits were not important, housing bubble was not that great, etc. I think you can find it in youtube. I prefer Mises, Rothbard and Hayek ;-)

[Waszma]

@uluuluululu Nice spelling job.

[Susieshepherd]

I watched the entire hearing-unfortunate Greenspan was interrupted so many times when he actually could have give us knowledge to help us step into the future. Avg. refi rate from 09/11/2001- early 2003 was 5%- a reasonable rate. Bullsh- that Greenspan is a scapegoat when the people who should b on trial are Bush, Cheney, Bernanke & the CEO's of Shell & Exxon

[Susieshepherd]

I watched the entire hearing-unfortunate Greenspan was interrupted so many times when he actually could have give us knowledge to help us step into the future. Avg. refi rate from 09/11/2001- early 2003 was 5%- a reasonable rate. Bullsh- that Greenspan is a scapegoat when the people who should b on trial are Bush, Cheney, Bernanke & the CEO's of Shell & Exxon

[AliefDuffey]

it is easy to put foresight on a man that is no longer in the reigns...

[directedchaos]

Eat it libertarians.

[balthazar49]

a fed chairman who had been dealing with federal, state, commercial and investment banks on daily basis in good and bad times of the economy and the financial markets DIDN'T FORESEE their behavior in an environment where cost of borrowing is dirt cheap, DIDN'T FORESEE that his would lead to a bubble!?!? lies more lies more lies...

[Civsuccess2]

Greenspan was out of touch. The guy probably has not try to buy a house for the past 20 years.

[josh1728]

looks like everything i was told in school is now wrong...