Greenspan Denies Blame for Crisis, Admits 'flaw'

Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied the nation's economic crisis was his fault on Thursday but conceded the meltdown had revealed a flaw in a lifetime of economic thinking. (Oct. 23)

Category:

News & Politics

Tags:

• economy
• greenspan
• denies
• blame
• crisis
• admits
• 'flaw'

[sniped101]

@PenneArbonara its not his fault. its because we bailed the banks out and the banks knew we would when shit hit the fan.

[sniped101]

@allgoo19 it wasnt greenspans policies. it was because WE bailed them out AND the banks knew it.

[allgoo19]

Nearly 3 yrs. had passed.

The market is still dropping.

[Deciblaster]

@gwangjuboy1 Your exactly right....They have sucked us dry and then came into the room full of people waving heir fists and said....Sorry? No refunds..... lol WTF

[Givarius]

His real name is Alan Grünspan and is of Jewish/Hungarian decedent.

[PenneArbonara]

what a piece of shit

[gwangjuboy1]

He told successive governments that government had no business in regulating lending and that self interest in a free market context would be sufficient. He got it massively wrong, but this was not sophisticated economic theory; it is commonsense that you don't lend money to people who can't pay it back. This man gets off very lightly indeed, along with all the bankers who raked in massive bonuses before 2007. America wake up and unite! These people have destroyed your great nation.

[gwangjuboy1]

This man should be indicted. Scratch beneath the euphemistic language and there is a tacit acknowedgement that his economic philosophy, which lead to a massive loosening of credit, is responsible for the economic destruction of much of the west. He was hugely infuential in shaping US policy for almost two decades, a policy which was more comfortable to politicians than dealing with the real and continuous fall in wages since the early 70s.

[scarletlake77]

and fuck chris dodd too. SUPERMAX!

[WesSeid]

I like the end of this video. "...Greenspan says the crisis will be over when housing prices stabilize, but he says that won't happen for many months." When is this video from? 2008!

I don't know why the media gives any consideration to these clowns that have been wrong time after time after time. Tell me again how there's no housing problem, Ben! Tell me again how derivatives leveraged 100:1 aren't any big deal, Alan! How do these clowns keep their jobs!?