Alan Greenspan: "Shocked Over Credit Tsunami" Oct. 23

Reuters
Oct 23, 2008
WASHINGTON (Reuters) - Former Federal Reserve Chairman Alan Greenspan told Congress on Thursday he is "shocked" at the breakdown in U.S. credit markets and said he was "partially" wrong to resist regulation of some securities.

Despite concerns he had in 2005 that risks were being underestimated by investors, "this crisis, however, has turned out to be much broader than anything I could have imagined," Greenspan said in remarks prepared for delivery to the House of Representatives Committee on Oversight and Government Reform.

"Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity -- myself especially -- are in a state of shocked disbelief," said Greenspan, who stepped down from the Fed in 2006.

With a general election looming November 4, U.S. lawmakers were sharply divided along political lines in either blaming regulators or bickering for failure to prevent the crisis that has gripped financial markets around the world.

Source:
http://www.reuters.com/article/GCA-CreditCrisis/idUSTRE49M58W20081023

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[greenback001]

this bastard should be in jail.

[fergus247]

Just comes to show his incompetence. Ben Bernanke doesent even know better.

Ron Paul, Peter Schiff, Jim Rogers along with many other are well aware of the problems. Especially Ron Paul has been warning us about this for decades.

[Gioxtream]

Let them deal with the credit. if the people can not pay their credit cards....How they can go on with this economy?

No more credit cards for me. I pay them all.And cancel them. If I don't have the money I don't own it.Simple.

[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..

[maseba12]

WHAT??? How can he be surprised???? He didn't see the very crisis he helped create??? Ayn Rand was wrong!

[TaffyAlpha]

Well at least he admitted unregulated financial institutions were wrong.

[Relugus]

Brooksley Born was right, Ben Bernanke was wrong.

Yet we still see the moron Greenspan being asked his worthless opinions. If Greenspan were true to his beliefs, he would have campaigned against the bailout, but strangely he didn't.

And look at how the champions of the "free market" Hank "Derugulation" Paulson, and Bernanke (who never criticised Greenspan once) suddenly embraced socialism when the rich got in trouble.

[moniequa]

Say whatever you like but they got us by the balls and none of us can do a damn thing about it. I'm tired of those arrogant assholes who think they're the shit but in reality they're nothing but a bunch of parrots.

[moniequa]

Its a typo, asshole. I meant to say easily manipulated, its a fucking passive voice. Go fuck yourself.