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Greenspan Admits His “Free Market Ideology” Flawed
- Text size
Scott Lanman and Steve Matthews
Bloomberg
October 23, 2008
Former Federal Reserve Chairman Alan Greenspan said a “once-in-a-century credit tsunami” has engulfed financial markets and conceded that his free-market ideology shunning regulation was flawed.
- A d v e r t i s e m e n t
“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.”
Greenspan said he was “partially” wrong in opposing regulation of derivatives and acknowledged that financial institutions didn’t protect shareholders and investments as well as he expected. Forecasting is an inexact science, he said.
“If we are right 60 percent of the time in forecasting, we are doing exceptionally well; that means we are wrong 40 percent of the time,” Greenspan said. “Forecasting never gets to the point where it is 100 percent accurate.”
In May 2005 speech, Greenspan said that “private regulation generally has proved far better at constraining excessive risk-taking than has government regulation.”
Committee Chairman Henry Waxman, a California Democrat, said Greenspan had “the authority to prevent irresponsible lending practices that led to the subprime mortgage crisis.”
“You were advised to do so by many others,” he told Greenspan. “And now our whole economy is paying the price.”
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October 23rd, 2008 at 12:46 pm
Another good example of Orwellian double-speak. Calling the Fed’s policies “free market.” Good grief.
October 23rd, 2008 at 1:14 pm
Federal Reserve central planning = free markets? LOL!!
October 23rd, 2008 at 1:17 pm
They teach free market economics @ Chicago U. & manipulate the markets, then talk about the free markets they put into place. For example George Shultz gloated about the free market economy in Chile which was really a fascist dictatorship installed by himself and headed by Augusto Pinochet. Truth of the matter is that there is no such thing as free markets…
October 23rd, 2008 at 1:38 pm
A few interesting points on market watch….
http://www.marketwatch.com/new.....aspx?guid={930A969D-74D0-4E17-BA42-89DD45A97549}#comments
October 23rd, 2008 at 2:09 pm
Pretty soon it’ll be flea market. . .
October 23rd, 2008 at 2:52 pm
Greenspan = just another character / high elected ranked criminal that made a fool out of an entire democracy and peopel’s of the United States raping them of anything good. Nothing more, nothing less. It’s elementary my dear folks. Worse, he lives to tell the tale and to continue laughing.
October 23rd, 2008 at 3:25 pm
His flaw is he is a greedy Zionist pig … no morals or compasion for other humans and their struggles … he and his kind are all the scum of the earth !! they knew what they where doing and what would happen and did it anyway … hey greenspun we ain’t buying what your sellin’ , so F OFF you roach !!
October 23rd, 2008 at 4:21 pm
THIS MAN IS A LYING MURDERING SCUM BAG. IN A FAIR WORLD HE WOULD BE HUNG DRAWN AND QUARTERED. I GUESS WE WILL HAVE TO LET GOD SORT HIM OUT WHEN HE DIES HIS ENTRAILS WILL BE TORN FROM HIS ARSE-HOLE OVER AND OVER AGAIN FOR ALL ETERNITY BY DEVILS WHO WILL DELIGHT IN BURNING HIS LYING TOUNGE AND EATING HIS FLESH ALL THE WHILE DELIGHTING IN REMINDING HIM HE WAS THEIR PUPPIT AND THIS IS THEIR REWARD . A FITTING END FOR A SATANIC BEAST INTENT ON DESTROYING THE LIVES OF BILLIONS AROUND THE WORLD
October 23rd, 2008 at 4:29 pm
greenspan globalist scum……………………..
October 23rd, 2008 at 4:30 pm
mises institute————–cato institute………………freemarket
October 23rd, 2008 at 6:17 pm
GREENSPAN: Part of the problem not the solution.
October 23rd, 2008 at 6:58 pm
Not deliberate. An unexpected mistake. Where have we heard that before? I mean…in the last week.
October 23rd, 2008 at 7:44 pm
Whew.. I sure feel better about suriving month to month barely paying my bills and having enough left to eat… considering I supplement myself with a winter garden..
Thank you Mr. Greeidiot for being so honest.. He sure knew it was flawed enough to take measures to protect HIS interests…
Greed is one thing.. the way these guys operate take greed to the level of evil.
October 23rd, 2008 at 8:02 pm
greenspam go to hell
October 23rd, 2008 at 9:00 pm
What a crock of s**t. We’re supposed to believe this guy’s crocodile tears now that he’s supposedly had an epiphany?! Please. This joker knew what he was doing; he knew what the results of his policies would be – and he has no credibility whatsoever. It is likely that he sees the handwriting on the wall and is in C.Y.A. mode. He is shocked, shocked – to learn there’s prostitution going on at Wall Street and at Sodom-on-the-Potomac!? Yeah, right. Tar and Dollar the Bastard, give him a free rail ride to the local hoosegow, and put him on trial for Grand Theft, Racketeering and Treason. The arrogance, hubris and greed of these parasites are absolutely staggering. Of all the Crap.
October 23rd, 2008 at 9:26 pm
Greenspan you are a liar!
October 24th, 2008 at 1:43 am
i like to see all the anger starting to surace. maybe soon you all be ready to pick a gun up and plant it in a rich mans ass!!!!!!
btw dont start the revolution without me
October 24th, 2008 at 4:51 am
Nahhh.. The FED had the Mafia done away with with their dogs the US GVT… They didn’t like the competition with their dogs..The IRS.
October 24th, 2008 at 8:34 am
I read that while submitting Monopoly to game companies, it was rejected because it contains 36 fundamental errors. Added to that, I’ve never seen anyone actually play “by the book” and always use some “house rules.” Well, it’s still fun, and there’s a winner and losers. But imagine someone changing what the game’s banker can do during a game, and lots of media covering the game’s straus, charting predictions, and making recomendations for buying and selling. To me, it’s about the same in real life. I wonder if the players will change the rules, start over, or knock the board of of the table.
October 24th, 2008 at 12:09 pm
The establishment would want us to believe that government regulation is necessary to an extent, per James Marshall Keynes (the economic scholar who popularized that “supply drives demand”). Keynes is correct to an extent, because invested money will perpetuate national growth as opposed to money remaining in sock drawers and wallets. But in the 1960’s Milton Friedman emerged from out of virtually nowhere and stated quite bluntly that the Federal Reserve was responsible for every econonic event, good or bad. The Fed prints the money, thus the Fed drives the market. He was awarded the Nobel Prize for economics in 1976.
Heed the warnings of our past presidents: both Grover Cleveland and Andrew Jackson were keenly aware that a central bank is the death of a free economy. As 1st and 2nd generation American citizens they were trying to stave off the financial fascism their forefathers experienced in Europe.