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Greenspan is either suffering from senility, or is a dolt.......
Old 10-23-2008, 10:28 AM   #1
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Greenspan is either suffering from senility, or is a dolt.......

Greenspan "shocked" at credit system breakdown - Yahoo! News

I lose more respect for him everyday. he's acting weirder by the day.....
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Old 10-23-2008, 10:43 AM   #2
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He is 82 years old....so.....
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Old 10-23-2008, 10:43 AM   #3
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He is 82 years old....so.....
And married to Andrea Mitchell, so I give him kudos for being an overachiever.........
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Old 10-23-2008, 10:48 AM   #4
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See, his rating just went up, huh?
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Old 10-23-2008, 11:23 AM   #5
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Someone needs to be the goat.
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Old 10-23-2008, 11:47 AM   #6
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He's been made the goat for the last two weeks. Just sounds like he's 'fessing up.

He is after all an economist, and the phrase "all other things being equal," is often in their writings. Of course, all other things are never equal.

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Old 10-23-2008, 11:54 AM   #7
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He doesn't care if he talks the market down. He's probably rather comfortable in retirement from his speaking engagements and his pension. Must be nice.
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Old 10-23-2008, 11:55 AM   #8
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He doesn't care if he talks the market down. He's probably rather comfortable in retirement from his speaking engagements and his pension. Must be nice.
The more he talks, the dumber he sounds. His legacy is being tarnished more and more each day.........
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Old 10-23-2008, 12:00 PM   #9
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The more he talks, the dumber he sounds. His legacy is being tarnished more and more each day.........
And it's interesting how the market's opinion has changed. Ten or fifteen years ago they loved him. Now they see what Easy Al and his bubblicious monetary policy has done.

He's just like Bernanke, Bush and Paulson now -- when he speaks, markets tank. There is no clearer vote of no confidence in the financial markets than that.
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Old 10-23-2008, 12:01 PM   #10
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And it's interesting how the market's opinion has changed. Ten or fifteen years ago they loved him. Now they see what Easy Al and his bubblicious monetary policy has done.

He's just like Bernanke, Bush and Paulson now -- when he speaks, markets tank. There is no clearer vote of no confidence in the financial markets than that.
Maybe Obama will rally the markets as Prez.........
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Old 10-23-2008, 12:03 PM   #11
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He's just like Bernanke, Bush and Paulson now -- when he speaks, markets tank. There is no clearer vote of no confidence in the financial markets than that.
Hmmm. . . it seems to me he was able to get the markets to tank every time he testified before Congress. He held all the strings and the market knew it. If he was upbeat in his testimony, stocks were up. If he expressed concern ('irrational exhuberance'), stocks tanked.

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Old 10-23-2008, 12:24 PM   #12
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I think this is a big piece of the problem:

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"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," said Greenspan, who stepped down from the Fed in 2006.
The anti-regulation group believed that the invisible hand would work efficiently in this situation. They certainly understood the concepts of "principal-agency problem" and "negative externalities", but they bet that these would be small issues.
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Old 10-23-2008, 12:34 PM   #13
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By the way: The thread title needs to be changed. I don't think this an either/or situation.
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Old 10-23-2008, 01:35 PM   #14
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And married to Andrea Mitchell, so I give him kudos for being an overachiever.........
Maybe that's a symptom of cerebral blood flow suffering from the hydraulic demands of other parts of his body. We should all enjoy our ERs this much, right?
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Old 10-23-2008, 04:25 PM   #15
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Gosh I forgot who selected Greenspan. Anyone jog my memory for me?:confused:
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Old 10-23-2008, 06:39 PM   #16
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Yuck...Andrea Mitchell and Alan Greenspan deserve each other!
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Old 10-23-2008, 06:54 PM   #17
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By the way: The thread title needs to be changed. I don't think this an either/or situation.
Exactly. Could be both.
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Old 10-23-2008, 07:44 PM   #18
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I think this is a big piece of the problem:
The anti-regulation group believed that the invisible hand would work efficiently in this situation. They certainly understood the concepts of "principal-agency problem" and "negative externalities", but they bet that these would be small issues.
Yeah, pretty amazing huh?
Quote:
Today, the former chairman asked: ``What went wrong with global economic policies that had worked so effectively for nearly four decades?'' During his term at the Fed's helm, Greenspan repeatedly warned lawmakers against inhibiting markets, such as by tightening oversight of certain types of derivatives.

Greenspan, reiterated his ``shocked disbelief'' that financial companies failed to execute sufficient ``surveillance'' on their trading counterparties to prevent surging losses. The ``breakdown'' was clearest in the market where securities firms packaged home mortgages into debt sold on to other investors, he said. http://www.bloomberg.com/apps/news?p...BSM&refer=home
What was completely forgotten about the lessons of unfettered capitalism is that ultimately greed trumps prudence. Corporate officers and higher-ups sometimes start thinking short-term and raking in the fees/bonuses while totally blowing off the long-term consequences, because they don't intend to stick around to face the music! Under these circumstances, who cares about shareholders, customers, or anybody else?

That is why some level of financial company regulation is required - to stop short-term greedy risk-taking from putting the entire financial system in jeopardy. If a company is big enough to shock the financial system and badly hurt other companies and/or the economy, then there must be some level of controls to ensure some level of prudence.

Audrey
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Old 10-23-2008, 08:31 PM   #19
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Like virtually any other bureaucrat or politician one sees on TV, Greenspan is lying.
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Old 10-23-2008, 10:12 PM   #20
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Yeah, pretty amazing huh?


What was completely forgotten about the lessons of unfettered capitalism is that ultimately greed trumps prudence. Corporate officers and higher-ups sometimes start thinking short-term and raking in the fees/bonuses while totally blowing off the long-term consequences, because they don't intend to stick around to face the music! Under these circumstances, who cares about shareholders, customers, or anybody else?

That is why some level of financial company regulation is required - to stop short-term greedy risk-taking from putting the entire financial system in jeopardy. If a company is big enough to shock the financial system and badly hurt other companies and/or the economy, then there must be some level of controls to ensure some level of prudence.

Audrey
Very well said. Idealism of any type, not tempered by healthy skepticism and an understanding of basic human nature, will usually lead to bad results. That applies to both ends of the ideological spectrum.
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