blue
Junior Member
Posts: 51
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Post by blue on Oct 23, 2008 18:13:58 GMT -5
Alan Greenspan testified today he was surprised the banks failed to self regulate them selfs. He was sure they would do what was best in their long term interest! That has to be just about the ultimate naive statement of all time.
The dude is only 90 years old and did not know greed conquers all. But I bet that within 6 months we will have idiots saying we do not need to regulate the financial system, that they learned their lesson and will be good boys.
Bill
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Post by Jim E on Oct 27, 2008 9:22:45 GMT -5
Have really mixed feelings about Mr. Greenspan. I really thought he must be a finacial wizard and really know how to make things work. But after seeing some of his testimony he is either a incompetent or he is lying.
He is supose to be one of the greatest finacial minds in the world, right? I mean he was not kept on to just keep grandpa buisy.
Then to what is the point in grilling this guy, it is not like he is going to say "yeah I did it the whole thing was set up so my buddies could cash in. I would like a look at his check book though.
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blue
Junior Member
Posts: 51
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Post by blue on Oct 27, 2008 10:02:58 GMT -5
Jim, I think perhaps they were thinking there was something behind the collapse that conventional wisdom had missed. Instead, we find out it was was uncontrolled greed. But that is important information coming from such a man. It makes it that much harder for the Liberataryons to keep a straight face when they say the free market is pure and needs no regulation. But they will do just that. With this statement from Greenspan, I hope nobody believes them.
Bill
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Post by skywords on Oct 27, 2008 20:44:46 GMT -5
Greenspan ;D Now there's an anomaly. Something happened to that man during the Bush years. During the Clinton years he was hardly even able to utter the word debt much less allow it's creation under his watch, he was the Titan of fiscal responsibility being the driving force that pushed Clinton to create the huge surplus he left Bush.
I thought I had awoke on another planet when I heard him say that debt is OK in today's economy because of our diverse portfolios. What!!!!! you say? I knew then that Bush had slipped him a Mickey and we were in for a rough ride. Now I don't believe anything he says.
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Post by lgurley on Oct 28, 2008 6:25:48 GMT -5
I've been watching Mr. Greenspan for many years and I can't remember anything he said or did to show any knowledge of finances with the exception of speaking in big words.
He was the front man for the Federal Reserve Bank and that made him the one that came out to tell us if the interest rate was going up or down. I believe he stated that reducing the interest rate helped to curb inflation and keep the cash flowing.
I guess it worked. Some peoples money just flowed down the toilet.
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