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Alan Greenspan: “Shocked Over Credit Tsunami” Oct. 23
By credit debt finance | Debt ConsolidationReuters Oct 23, 2008 WASHINGTON (Reuters) - Former Federal Reserve Chairman Alan Greenspan told Congress on Thursday he is “shocked” at the breakdown in US credit markets and said he was “partially” wrong to resist regulation of some securities. Despite concerns he had in 2005 that risks were being underestimated by investors, “this crisis, however, has turned out to be much broader than anything I could have imagined,” Greenspan said in remarks prepared for delivery to the House of …
Discussion
October 13th, 2009 at 7:43 PM
who is that guy with the rat face?
October 13th, 2009 at 7:43 PM
And you have? I don’t think you even know what Social Darwinism is otherwise you wouldn’t have assumed that I haven’t read it. To me it is remarkable for a few individuals to achieve such an advantage over billions and can change the fate of the greatest nation with a stroke of a pen. If that is not the direct result of their genetic or biological superiority I don’t know what is.
October 13th, 2009 at 7:43 PM
?, you my friend clearly have never bothered to sit down and read Darwin.
October 13th, 2009 at 7:43 PM
The poor bring it upon themselves and the fed just takes advantage of it. If the Rothchild won’t take advantage of us there would be someone else because the mass is stupid and so easy to manipulated that anyone can take advantage of them.
October 13th, 2009 at 7:43 PM
I dont agree!
If there was no poor ,there will be no system to make it work.
Its a dialectic of the bourgeoisie and the proletariat .
They need the poor to exploited them and slave them,like god.They think they are those gods,babylonian.
Rothchil’s puppet and bankers puppet.They create the crisis because they control the money like,1929 80 etc..and today.
It’s only to concentrate the power that you creatte crisis and form a shape of a new system of controle of theur slave ,us!!!
October 13th, 2009 at 7:43 PM
I guess you’re saying we have no control over our environment. Should we give up on everything because we really can’t change anything. If we can’t do anything why try to prevent the fed from printing money? The fed should continue to print and the poor can continue to spend.
October 13th, 2009 at 7:43 PM
Easy to say when you are not poor. Try living on $500 a week, for 2 months, then say the same thing. Even the very wise cannot see all ends.
October 13th, 2009 at 7:43 PM
Apart from that, the bailout money is not ‘the rich’s money’. And it is not really the bailouy money that is the real problem, the real problem is the trillions of fiat dollars that has been printed and are now circulating the globe because there is no limit to The Fed’s printing power. Hopefully Ron Paul’s bill HR 1207 will put an end to it.
October 13th, 2009 at 7:43 PM
Some might argue that the poor is merely a shadow of who they would have been, where they born in another environment. You see, we are all subject to our environment, even you, as you so clearly demonstrate with your comments.
October 13th, 2009 at 7:43 PM
I don’t care let them take everything and do whatever they want because they are obviously smarter then us. There are billions of us and there only a few of them but yet can do this to us. If it is survival of the fittest, they have proven that they’re the fittest and they should survive and we should be parished forever.
October 13th, 2009 at 7:43 PM
Oh please give me a break, ” the rich use the poor as an experiment”. How so? How the poor spend beyond their means and the government bails them out with the rich’s money. The poor has contributed absolutely nothing to this society.
October 13th, 2009 at 7:43 PM
What deception?
October 13th, 2009 at 7:43 PM
search the OBAMA DECEPTION
stop the new world order!!!
October 13th, 2009 at 7:43 PM
Why do you think the USA has been gradually turned into a mass of competitive individuals? From the Highlander’s, “There can be only one!”, to the last episode of Survivor, infotainment propaganda has been giving the same message for fifty years now.
“I’m alright, screw everyone else.” Mobs are easy to dispose of, it is organized groups that represent a true threat to the “Powers that Be.” Americans have been fed competitive individualism so long they no longer know how to cooperate.
October 13th, 2009 at 7:43 PM
Its all part of the big agenda that those running the kingdom of the USA want to happen. They are going after 1 world government with 1 world banking. People have been talking about this for 2 years.
The deceptive way they pulled it off, makes me not trust them at all now. This can’t be good for us.
They have us so divided by religeon, races, groups, moral views, republican, democrat, etc… not sure we can come together to even try to sort it all out and fix it.
October 13th, 2009 at 7:43 PM
1. Regulating interest rate is a socialism
2. Gold standard is proven to be a failure, it was abandoned by many nations.
Free-market + socialism, aka mix economy, is the correct way.
October 13th, 2009 at 7:43 PM
Get ready for Hyperstagflation in 2009 & 2010.
When M3 (aggregate money supply) does not match economic growth you get Inflation. The US Fed stopped posting M3 growth rates in March of 2006. Now with our 700B welfare, 12B monthly Iraq bill, and now the Fed drops the sub prime from 1.5 to 1 and may go lower. Every taxpayer in America will suffer from hyperinflation during a depression. This might become a Civil War in two years. We are a Tertiary economy with no strong manufacturing jobs.
October 13th, 2009 at 7:43 PM
This pissdrinking swine Greenspan is part of the problem
October 13th, 2009 at 7:43 PM
Any half decent economist knew this guy was a clown. It is laughable how the morons in Congress used to interpret that muddled double-talk of his as a sign of brilliance. Just look at the comparison to Bernanke, who makes his points so clearly, and is so thoughtful. Fortunately for Ben, history will be kind on him for taking on Al’s mess.
October 13th, 2009 at 7:43 PM
Rot in hell douche bag. We will be paying for your mistakes for years to come. I can only hope that you survive long enough to see the suffering you have visited upon this world.
October 13th, 2009 at 7:43 PM
Greenspan was absolutely for the free market and had nothing to do with socialism. What people don´t understand is that regulations from the govt. is a necessity and only stupid people believe that the free market that can regulate itself. History has shown it´s impæosible. Besides, interest policies, fiat money that´s not backed up by gold and the stock market are the real problem. Capitalism is a crisis economy and nothing but a experiment.. the rich use the poor as an experiment
October 13th, 2009 at 7:43 PM
Greenspan is for free-market. Yet he doesn’t follow Milton Friedman’s constant 3% interest rate policy. He chose to interfere with the interest rate. That is a socialist central planning. I have only pity for him. He destroyed the economy in the name of “free market” yet he was practicing socialism. He was playing God when he is not. Now, he must be crying in the mighty invisible hands of his God and repenting on what he had done.
October 13th, 2009 at 7:43 PM
So he say’s he knew in 2005 what was on its way. Would you trust anyone from his background in the future? We have now given the banks not only our deposits ( that was not enough ) they now have our Tax money, so the money men now move to nations that they leant money to to bring down whole nations with demands for repayment.
We need to cut the rotten core out of the system and that is the bankers and brokers who created this, shut the markets and regulate on max/ min volumes.
October 13th, 2009 at 7:43 PM
can you say creative destruction , FRAUD ? !
October 13th, 2009 at 7:43 PM
Continually lowering the interest rates, when the indicators were telling Greenspan that the economy was cooling down, was not a coherent thing to do. In 2002, while I worked in finance, delinquent car loans were starting to come in which indicated to us that something was happening with the economy. People were already losing jobs due to outsourcing and nafta. Where was Greenspan? He was trying to make Bush look good. Yes, I realize it was Clinton who brought in nafta.