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01:01 PM on 03/27/2009
then do THE EXACT OPPOSITE! This bankster f r a u d should be publicly drawn and quartered!!!
Reality Check
12:52 PM on 03/27/2009
I know Greenspan is an economic genius but I have trouble right now trusting him. He could have stopped this bubble so that it would have had a much smaller effect with the same lesson learned. He didn't.
01:15 PM on 03/27/2009
Economic Genius? For destroying our financial system? That's a genius' work? How about Master of Disaster?
12:51 PM on 03/27/2009
I am sorry; did Alan say something that we did not already know? He phoned it in for his last eight years without empirical analysis of understanding a changing world. Thank god, Bernanke changed his old views in time.

It is like saying, you know I read the book on how carburetors work and I was surprised that a fuel injector worked differently. He did not keep up. He phoned it in.
12:50 PM on 03/27/2009
"All the sophisticated mathematics and computer wizardry essentially rested on one central premise: that the enlightened self-interest of owners and managers of financial institutions would lead them to maintain a sufficient buffer against insolvency by actively monitoring their firms' capital and risk positions."


That must have been your premise, Mr. Greenspan. It was never mine. Mine would have said if there is money to be made from cooking the books and gaming the system, exaggerating whatever had to be exaggerated or shortchanging whatever needed to be shortchanged to meet that 3rd quarter projection and collect the incentive bonus, that would be done by men who might be considered good under different circumstances.
01:46 PM on 03/27/2009
Exactly. It is human nature and the Fed's records were full of bankers out of control; they should have anticipated it after Glass-Steagull was nullified. May-be a little management by walking around should have been done; he could have thoroughly examined a CDO himself. And if he was incapable of doing that, he should have been gone instead of prevailing over a Malfeasance Meltdown.
01:55 PM on 03/27/2009
In past generations this policy seemed to work. Powerful people were able to fool most of us most of the time. But this housing bubble undid all their careful machinations. I used to think there were principles upon which people lived their lives. and there are... but not on Wall Street.
12:46 PM on 03/27/2009
Message for Alan: no one will ever listen to anything you say ever again.

Hope that feels good.
Freelance medical transcriptionist
01:18 PM on 03/27/2009
I'm not so sure. The opposite of whatever he says might be worth considering.
Someone who cares - to his unending regret
12:22 PM on 03/27/2009
"that the enlightened self-interest of owners and managers"

The only thing that went wrong, then, is that they lost the "enlightened" part when they turned the lights of the ethics classrooms off.
12:21 PM on 03/27/2009
Clue: The Federal Reserve, international Financiers, in America, with a lethal pen.
While watching the testimony of Secretary of the Treasury Tim Giethner yesterday, did anyone hear him say that the Treasury WOULDN'T be in control of this huge takeover of the banks, but that it WOULD be the Federal Reserve which isn't even a part of our government? Our country was absolutely fine without the Federal Reserve from 1776 to 1913 before Woodrow Wilson caved in to the international financiers. In 1919 Woodrow Wilson wrote: "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is now controlled by a system of credit. We are no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."
Our our leaders furthering the agenda of the international financiers to enslave the American people and all people around the world for generations to come? Henry Kissinger said, " Who controls the money controls the world". Bill Clinton said, " We can't be so fixated on our desire to preserve the rights of ordinary Americans." George Bush said, "The Constitution is just a God damn piece of paper." (Capital Hill Blue) Mayor Rothchild, private bankers said, "Give me control of a nations money supply, and I care not who makes the laws." These people got us where we are today.
01:58 PM on 03/27/2009
Understand please, this is not new. you quoted Mayor Rothchild. He has been dead for a long long time. He started all this by inventing banks. even during the Middle Ages Kings were tied to lenders for credit. sometimes the Kings killed the lenders too. gotta remember that you guys on Wall Street. et al.
The best person fer a job is never a candidate
12:18 PM on 03/27/2009
What extraordinary chutzpah. Greenspun evidently fell asleep at the wheel while he was driving the Federal Reserve all of those years. Despite prognostication from a variety of economists and lawmakers, he said nothing while the Congress allowed Phil Gramm and the other Republican Sages to push through legislation effectively ceding all responsibility for regulation to the very organizations and individuals that needed regulation.

Now, from his vantage point in his New York City coop, he can lob his pseudo-Delphic nonsense from his bully pulpits in the WSJ and FT's.

He, Gramm, Greenberg, Paulson, Clinton, Bush, Cheney and a whole slew of others have yet to answer for decisions and actions that have effectively brought this economy to its hideous state. For the foreseeable future, Mr. Greenspan, practice your clarinet, enjoy Andrea's earnings, and shut the hell up unless you are subpoenaed.
02:00 PM on 03/27/2009
You realise, as we grow older we lose brain cells. I rest my case. and since I AM older I am not going to pursue this any further. You folks take it from there. Alan literally lost his mind.
12:09 PM on 03/27/2009
It is time for you to keep quite Mr. Greenspan .... there are people who know what they are doing are incharge of running economic policies ...
12:06 PM on 03/27/2009
If 'We the People" own more than 20% of a company or a bank;

Fire the bankers to save the banks.
Fire the CEO's to save industry.

Hire people who have not been part of the EECC (Elitist Entitled Cheaters Club) we call 'the financial industry.
02:00 PM on 03/27/2009
Wish it were that simple. but it isn't.
05:24 PM on 03/31/2009
12:06 PM on 03/27/2009
Why should the banks get any more money from the taxpayers? We need to ditch the FED, print our own currency based on silver, and get out of debt. The path we are on is unsustainable. The paradigm is old, stale, and must shift toward a human centered one, rather than a bank centered one. This current path ends with the banks owning everything, just like in Monopoly. The next move in their game is the Global Currency.
11:55 AM on 03/27/2009
The comments on this board, so far, are almost unanimously juvenile and irresponsible. It is perfectly fair to criticize Greenspan for his role in de-regulating the commodity and derivative markets. Nevertheless, he is a serious man that needs to be taken seriously. He is one of the grown-ups. Grown-ups can make big mistakes and they can make them honestly. And now, being a grown-up, he is providing a great service by reversing himself and speaking out on the need for regulations. It helps undermine what has become (unfortunately) the orthodox conservative Republican party line -- he is a serious voice the orthodox conservatives can't ignore, telling them it's time to wake up and pull their heads out of the sand.

- Craig
The best person fer a job is never a candidate
12:23 PM on 03/27/2009
Craig, hate to burst your Panglossian fantasy about Alan, but nothing that Greenspan says, writes or does will in anyway undermine the orthodox conservative party line.
12:39 PM on 03/27/2009
Well, you're right that it won't change their minds! But it hurts their ability to state their case when you have grown-ups, people with the credentials that Greenspan, Bernanke, Geithner and others have, all refusing to endorse their party line.

I object to being called Panglossian, however. I said that Greenspan was fair game for criticism on deregulation. I do not support laissez-faire capitalism although I, too, like Greenspan, was once very much under the influence of Ayn Rand.

- Craig
01:17 PM on 03/27/2009
Greenspan was, for 16 years, juvenile and irresponsible in his running of the Federal Reserve Bank!
11:51 AM on 03/27/2009
I never cared for Mr. Greenspan, I'm still curious to ask, why he sold out the US economy to get his last 5 year term. I've listened to former associates of his in the Fed complain that he was to conservative with dropping interest rates during the Clinton era, than why did he dropped through the floor for Bush-Cheney in response to relatively shallow recession in 2000, what was he promised? Why did he tell Congress that the deficit was being payed down to quickly, paving the way for the Bush tax cuts, which damage this economy so much.
11:50 AM on 03/27/2009
Alan Greenspan the man who wrote and produced "The Surpluses That Destroyed Manhattan" so GW could rape the Treasury is doing a prequel, "Banks on the Run".
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11:42 AM on 03/27/2009
"What happened" is actually very simple to understand.

"What happened" ... is CRIME.

The various legal controls that were specifically designed to prevent the wholesale introduction of organized-crime into the system were removed, and new enabling legislation created to make the crime harder to interdict. This was a knowing and deliberate act.

The swindlers proceeded to swindle the entire planet, and now they seek the coup de grace: to swindle the United States Treasury itself. And they've got "their men in Washington," working tirelessly to make it happen while the United States Congress plays its best deer-in-the-headlights game. One Senator's got his hands over his eyes; one Representative, over her ears; a third, over his mouth. "See nothing, hear nothing, say nothing," but obediently sign any new bill that the swindlers hand you.

It will be very interesting to see if the members of G20 actually have ... stones ... at this important time.