Greenspan Destroys Deregulation in 16 Seconds

Henry Waxman's Congressional Committee questions Alan Greenspan. Greenspan meets greed, shows in one answer why "trusting the markets" is epic fail.

Waxman: So where do you think you made a mistake then?

Greenspan: I made a mistake in presuming that the self-interest of organizations, specifically banks and others, was such as they were best capable of protecting their own shareholders.

• Category

  News & Politics

[FarmingFractals]

Good way for Greenspan to scapegoat the banks so no one pays attention to the actions of the Fed. The Fed kept interest rates artificially low and expanded the suppy of credit that led to the housing bubble.

[accountNo9]

What a joke, Greenspan himself removed the incentive for self interest by essentially guaranteeing that the banks would be bailed out upon failure. Furthermore this in-fact makes it uncompetitive for a bank not to take on the riskier deals, as it will fall behind its competitors, who are also insured to do the same.

RON PAUL 2012, deregulation and deconstruction of the Fed is the only way - get back to the true old American Capitalism.

[StunnedByStupidity]

The alternative was tax and redistribute, strong unions and good democracy and if you are going to claim that libertarian fascists wanted that you are fucking insane. LIBERTARIANS proposed doing this this way LIBERTARIANS have had a dictatorship for 30 fucking years. ALL the current fuckups are their fault - go google monetarism and neoliberalism and wake the fuck up... child

[Civsuccess2]

Yup...Fraud eat fraud. The biggest fraud wins all.

[Nicholas Roberts]

Give the people what they want, but only just enough of it. Whether its wealth or admission of failure, the public get what the public want.

[Mehr Amore]

Greenspan read my lips: EAT MY SHIT

ASAP

[kllyjrd]

Reagan, Bush, and Bush,

[kllyjrd]

Yes Reagan did play a large role in the national debt with his administrations policy of deregulation, but Greenspan's miracle derivatives played a major role in the crash of 08.

[cdmsr]

Greenspan is essentially saying that everything he knew was wrong.

Being unable to understand that the top earners -- the real fat cats -- at these institutions had been taking home so much cash in salaries and bonuses for so long that they were totally insulated from the real-world consequences of their actions. Very few of the people caught up in this heady atmosphere had any real skin in the game and those that did won't go hungry and homeless.

[foxsux6000]

people always protect the interests of themselves, well, Americans do that best...

[StunnedByStupidity]

Agree completely...