Thursday, October 23, 2008

Former Fed Chief Allen Greenspan (the oracle)

"Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity (myself especially) are in a state of shocked disbelief"
"The consequent surge in global demand for U.S. subprime securities by banks, hedge and pension funds supported by unrealistically positive rating designations by credit agencies was, in my judgment, the core of the problem"

1 comment:

Lies & Propaganda said...

Ok, I have to comment here.
Basically, Greenspan is saying that absent greedy bankers, his program for the economy would work perfectly. Seriously? You are willing to continue the lie that your economic principles that we the people have SUFFERED under most of my life are fundamentally sound and if it wasn't for those damned greedy people, everything would be A-OK?
Allen, you are not a visionary policy maker who is the shocked victim of the unanticipated greediness of human nature. Stop saying that, it is a freaking lie. You didn't do a damn thing to stop this culture of greed, and on numerous occasions, you worked against regulations, effectively eliminating our culture's only hedge against the possible downside of 'the ownership society'. Shame on you and shame on our ruling class for believing you.