Greenspan Says I Still Dont Fully Understand What Happene

Former Fed Chairman Alan Greenspan has been identified as a prime culprit in creating the conditions for the financial crisis, in particular for opposing greater regulation and fostering a housing bubble. Today, Greenspan is getting his turn on Capitol Hill. And this time, he's speaking in terms we can all understand: admitting some responsibility, while trying to deflect ultimate blame.

http://www.propublica.org/article/greenspan-says-i-still-dont-fully-understan...

Category:

News & Politics

Tags:

• Fed
• Waxman
• Greenspan

[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!

[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'.

[dondiego786]

@RonanG I agree with you, However Bernie Madoff's Suite at Federal Prison could hardly be referred to as a "Cell" He should be in Rikers Island or some work camp where he makes Big Rocks into little rocks, He should have HARD LABOR for the rest of his life, or he should be released so the Russian or Columbian Mafia can "Consult" with him regarding thier "Loses"

[dondiego786]

Greenspan does not understand that A Loan officer who recieves BONUSES for making LOANS will OK bad loans 100% of the time in order to pad his numbers and recieve a maximum bonus. He is either a Liar, an Incompetent or in the beginining stages of Alzhiemers

[MrDarkTides]

'Derivatives markets are working well.'

[AdmiralCoxx]

@RonanG And Ayn Rand was heavily influenced by Ludwig von Mises, something in common with Ron Paul.

[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]

@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.

[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.

[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.