Truemors
is reporting from
Member
NP Rank:
NP Rank:
Credit Tsunami: Alan Greenspan Revises Market Ideology
Share: 
by Jordan Yerman | October 23, 2008 at 09:57 am
80 views | 0 Recommendations | 3 comments
Former Federal Reserve Chairman Alan Greenspan has admitted to a flaw in his market ideology, which opposed regulation under the belief that financial institutions could protect themselves and their shareholders no matter how stormy the seas.
``Yes, I found a flaw,'' Greenspan said in response to a grilling from the House Committee on Oversight and Government Reform. ``That is precisely the reason I was shocked because I'd been going for 40 years or more with very considerable evidence that it was working exceptionally well.''
I just hope he avoids any apocalyptic metaphors, since the markets are shaky as it is.
"We are in the midst of a once-in-a century credit tsunami," Greenspan told the House Oversight and Reform Committee.
What is NowPublic?
NowPublic lets people work together to cover news events around the world.
Most RecentMost Recommended Comments (3)
at 11:00 on October 23rd, 2008
Good stuff , sorry cant flag from a mobile. Once so far this century! The last one happened 79 years ago. It surely would have happened sooner if it weren't for those nice arms dealers "winning" billion dollar contracts so that the world could have lots of little wars. And then those contracts could be paid for with credit allowing the banks to "print" more money
at 11:00 on October 23rd, 2008
Good stuff , sorry cant flag from a mobile. Once so far this century! The last one happened 79 years ago. It surely would have happened sooner if it weren't for those nice arms dealers "winning" billion dollar contracts so that the world could have lots of little wars. And then those contracts could be paid for with credit allowing the banks to "print" more money
at 11:39 on October 23rd, 2008
Very, very late, Greenspan!