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Re: a village wild
From: marika5000@gmail.com (marika)
"marika" <marika5000@gmail.com> wrote in message news:y_adnSX0AOcW_azUnZ2dnUVZ_oDinZ2d@rcn.net...
Greenspan admits he's an idiot for 40 years and thereby confirms that I have been a genius for at least 30
Greenspan Says He Was Wrong On Regulation
Lawmakers Blast Former Fed Chairman
By Neil Irwin and Amit R. Paley
Washington Post Staff Writers
Friday, October 24, 2008; Page A01
Alan Greenspan, once viewed as the infallible architect of U.S. prosperity, was called on the carpet yesterday, pilloried by a congressional committee for decisions that contributed to the financial crisis devastating world markets.
The former chairman of the Federal Reserve said the crisis had shaken his very understanding of how markets work, and agreed that certain financial derivatives should be regulated -- an idea he had long resisted.
When he stepped down as Fed chairman less than three years ago, Congress treated Greenspan as an oracle, one of the great economic statesmen of all time. Yesterday, many members of the House Oversight and Government Reform Committee treated him as a hostile witness.
"You found that your view of the world, your ideology was not right, it was not working?" said Rep. Henry A. Waxman (D-Calif.), the committee chairman.
"Absolutely, precisely," Greenspan said. "You know, that's precisely the reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well."
Greenspan alternately defended his legacy and acknowledged mistakes. Waxman asked whether the former chairman was wrong to consistently oppose regulating the multitrillion dollar derivative market that has contributed to the financial crisis.
"Well, partially," said Greenspan, before stressing the difference between credit-default swaps and other types of derivatives.
With the global financial system unraveling, economists and political leaders are coming to doubt some of Greenspan's most closely held views: that markets can exact self-discipline, that central bankers should generally not try to ***** bubbles in the price of houses or tech stocks, that a policymaker's most powerful tool to encourage growth is to stay out of the way.
Even Greenspan seemed genuinely perplexed yesterday by all that had happened, hard-pressed to explain how formerly fundamental truths about how markets work could have proved so wrong.
Members of Congress who not long ago would seek Greenspan's blessing for their preferred public policies were at turns combative and disdainful. Rep. John Yarmuth (D-Ky.) called him a "Bill Buckner," referring to the Boston Red Sox first baseman who missed an easy ground ball against the Mets in the 1986 World Series, costing the team the game.
The tough talk reflected a widening sense that some of Greenspan's apparent successes in managing the economy from 1987 to 2006 were in fact illusory, that they came at the cost of building the biggest credit bubble in world history.
"Markets and societies move on belief systems," said James Grant, editor of Grant's Interest Rate Observer and a longtime critic of Greenspan. "The belief system of finance featured the notion that someone with unusual power to see around corners and through walls and into the future was running things, and that someone was Alan Greenspan."
"marika" <marika5000@gmail.com> wrote in message news:EfidnULQt99-wqzUnZ2dnUVZ_gOdnZ2d@rcn.net...
What I want to know is why it's always the idiots making out like bandits and the geniuses remaining paupers.
Greenspan did, it comes out now, was not just wrong, but culpable. Thanks a lot idiot 'no one could have predicted housing prices would fall by THIS MUCH". Thanks a lot jerk, except for you, me, my brother in law, , and every other person in the world with half a brain. The hilarity is how everyone practically deified him not so long ago. What does he care now, he's got his millions.
"marika" <marika5000@gmail.com> wrote in message news:...
McCain's homeownership resurgence plan
Yeah I think that was the 10 minute speech for the day, didn't get any
traction, got dropped like hot potato. In true McCain campaign form.
And I loved the trying to mock the fruit fly research statement that Palin mocked, moking it is very cheap,
but in the long run it could help what she says she's trying to help.
mk5000
"When I stare at them with the rainy season light in my eyes and Congo grit in my teeth, I can hardly recollect the place where such items were commonplace, merely a yellow pencil, merely a green bottle of aspirin among so many other green bottles upon a high shelf. "--barbara kingsolver, poisonwood bible
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 Re: a village wild | |
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