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Greenspan is either suffering from senility, or is a dolt.......
10-23-2008, 10:28 AM
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#1
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Give me a museum and I'll fill it. (Picasso)
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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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10-23-2008, 10:43 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Dec 2006
Location: Lone Star State
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He is 82 years old....so.....
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......ibyoig......
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10-23-2008, 10:43 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
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 Quote:
Originally Posted by bbbamI
He is 82 years old....so.....
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And married to Andrea Mitchell, so I give him kudos for being an overachiever......... 
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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10-23-2008, 10:48 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Dec 2006
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See, his rating just went up, huh? 
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......ibyoig......
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10-23-2008, 11:23 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Dec 2007
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Someone needs to be the goat.
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If your gonna be dumb you gotta be tough
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10-23-2008, 11:47 AM
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#6
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Full time employment: Posting here.
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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.
-- Rita
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Only got A dimple, would have preferred 2!
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10-23-2008, 11:54 AM
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#7
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Moderator
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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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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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10-23-2008, 11:55 AM
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#8
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Give me a museum and I'll fill it. (Picasso)
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Quote:
Originally Posted by ziggy29
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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The more he talks, the dumber he sounds. His legacy is being tarnished more and more each day.........
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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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10-23-2008, 12:00 PM
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#9
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Moderator
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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.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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10-23-2008, 12:01 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 9,174
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__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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10-23-2008, 12:03 PM
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#11
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Full time employment: Posting here.
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Quote:
Originally Posted by ziggy29
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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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.
-- Rita
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Only got A dimple, would have preferred 2!
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10-23-2008, 12:24 PM
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#12
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Thinks s/he gets paid by the post
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I think this is a big piece of the problem:
Quote:
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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.
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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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10-23-2008, 12:34 PM
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#13
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Moderator
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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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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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10-23-2008, 01:35 PM
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#14
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Moderator Emeritus
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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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10-23-2008, 04:25 PM
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#15
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Thinks s/he gets paid by the post
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Gosh I forgot who selected Greenspan. Anyone jog my memory for me?:confused:
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If your gonna be dumb you gotta be tough
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10-23-2008, 06:39 PM
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#16
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Recycles dryer sheets
Join Date: Apr 2006
Posts: 264
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Yuck...Andrea Mitchell and Alan Greenspan deserve each other!
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10-23-2008, 06:54 PM
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#17
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Quote:
Originally Posted by ziggy29
By the way: The thread title needs to be changed. I don't think this an either/or situation.
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Exactly. Could be both.
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10-23-2008, 07:44 PM
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#18
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Quote:
Originally Posted by Independent
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.
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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
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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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10-23-2008, 08:31 PM
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#19
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Recycles dryer sheets
Join Date: Aug 2007
Posts: 433
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Like virtually any other bureaucrat or politician one sees on TV, Greenspan is lying.
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Consult with only myself as your adviser or representative. My thoughts should be construed as investment advice of the highest caliber. Past performance is but a pale shadow and guarantee of even greater results in the future.
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10-23-2008, 10:12 PM
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#20
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Recycles dryer sheets
Join Date: Jul 2008
Location: ENE MO - near STL
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Quote:
Originally Posted by audreyh1
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
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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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