Greenspan Says Too Big To Fail Problem 'Is Getting Worse, Not Better'

[unhappycamper]

http://www.huffingtonpost.com/2013/03/15/greenspan-too-big-to-fail-worse-better_n_2884001.html



WASHINGTON, D.C. -- Former Federal Reserve Board Chairman Alan Greenspan testifies during a Senate hearing in 2011

Greenspan Says Too Big To Fail Problem 'Is Getting Worse, Not Better'
The Huffington Post
By Caroline Fairchild
Posted: 03/15/2013 12:07 pm EDT | Updated: 03/15/2013 1:03 pm EDT

Alan Greenspan, a former Federal Reserve chairman, told CNBC on Thursday morning that “the too big to fail problem” is “getting worse, not better.”

Greenspan, who was chairman of the Fed during the credit bubble that ultimately crashed the global economy and is widely blamed for that crisis, said that The Dodd-Frank Act “is not working.”

Dodd-Frank was passed to prevent a similar financial crisis.

“(What) we ought to do is to allow banks to fail, go through the standard Chapter 11 type of process of liquidation, and allow the markets to adjust accordingly,” said the 87-year-old Greenspan. “That has worked for a very long time.”

[Demeter]

1. Public Remorse...doesn't get any better!

[secondvariety]

2. Shaddup Alan.

You and your Randian buddies are to blame.

[perdita9]

3. Alan, why should anyone listen to you?

A lot of what went wrong was directly your fault.

Enjoy your retirement and be glad you're not in jail.

[tarheelsunc]

4. Wasn't Mr. Mitchell a large part of the problem? eom

[bulloney]

5. Cry me a river Greenspan. You're a big reason for this problem.

Why can't the media gerbils--just once--call out these losers when they go around making such statements?

[UnrepentantLiberal]

6. How did Greenspan contribute to the financial melt down?

I don't remember the details.

[Orrex]

7. He once slaughtered a virgin goat in sacrifice to Ayn Rand.

Also this.

[UnrepentantLiberal]

9. Dang, thanks for the info.

That Wikipedia is a right fine website.

[truth2power]

12. Greenspan is a worthless little troll. That anyone in Congress

ever thought he had anything important to say demonstrates the limitations of their intellect. But we already knew that.

Matt Taibbi's description, from your Wikipedia link:

He <Taibbi> also called Greenspan a "classic con man" who, through political savvy, "flattered and bullshitted his way up the Matterhorn of American power and ... jacked himself off to the attention of Wall Street for 20 consecutive years."

Matt certainly has a way with words.


And I couldn't resist this, since I've been reading a lot of Stiglitz lately:

Stiglitz stated that Greenspan “didn't really believe in regulation; when the excesses of the financial system were noted, (he and others) called for self-regulation – an oxymoron.” (bolding added)

Along with him having been an acolyte of Ayn Rand, that about does it for me.

[westerebus]

14. That goat was no virgin!!

[Festivito]

10. He did apologize for his Chicago school of economics applied to the US.

His attempt to control inflation concentrated on reducing available jobs. It did control inflation, but with the side effect of destroying the middle class.

I'm pretty sure he supported the "banking crisis" that starts with CMO/CDOs and CDSs being sold with bribes, er, ah, payments up front. The April 2004 SEC decision allowing the five top banks to change their regulated 10% rule lead to "bailouts" and our current world-wide banking crisis -- except in Iceland, Norway and Sweden who kicked their bankers in their fat asses and put new people in charge. (The opposite of what the United States, Spain, and Greece did.)

[UnrepentantLiberal]

11. Yeah, we put the bankers in the White House.

[dawg]

13. Hey, would you look at that!

Right now, it's the exact same time as the hands on that stopped clock! I guess that happens every once in a while.