Greenspan: Dark Days Ahead for the Global Economy

[marmar]

Too bad he didn't acknowledge his role in those "dark days." :argh:



from Truthdig:


Greenspan: Dark Days Ahead for the Global Economy
Posted on Mar 17, 2008



Those hoping for better news about the state of the U.S. economy—not to mention the bigger picture—aren’t going to hear it from former Fed chair Alan Greenspan anytime soon, judging by his ominous forecast released Monday.

France 24:

“The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War,” Greenspan said in a Financial Times commentary.

“It will end eventually when home prices stabilise and with them the value of equity in homes supporting troubled mortgage securities,” he said, referring to the meltdown in the US subprime home loan market and subsequent massive losses for the banks holding the debt instruments.

“The crisis will leave many casualties,” he said, his remarks coming after Bear Stearns, the fifth largest US investment house collapsed Friday and was taken over by JPMorgan Chase for a fraction of its value of only a week ago.

http://www.truthdig.com/eartotheground/item/20080317_greenspan_dark_days_ahead_for_the_global_economy/

[cutlassmama]

1. Of course he won't. Now it all just "magically appeared" n/t

[graywarrior]

2. And yet, he'll vote for McCain.

Asshole.

[maseman]

3. He oversaw the whole thing

Are you telling me that Greenspan didn't have any idea how fucked up the mortgage companies were during his tenure especially the last five years? Of course he did. Did he say anything or move to stop it? Hell no.

He is as guilty as the rest of them. He got lucky his job was terminated due to some rules in place. Now he pretends to sit on the sidelines and "predict" certain things. What an asshole.

[Mike03]

4. Thanks a lot, Greenspan. This mess is largely your fault

for dismembering interest rates, permitting hedge funds to accrue multitudes of leverage, relaxing credit quality criteria and encouraging reckless lending.

Not to mention the exotic, ludicrous piggy-back mortgages, lack of oversight for GSE like Fannie Mae...

This is HIS bubble, for chrissakes.

Jackass.

[RainDog]

6. He was also trying to sell ARMs

just a few years ago when everyone was already talking about overextended middle class ppl who were in over their heads. that was his "solution."

[Mike03]

10. Jeeze, I missed that. Amazing!

He puzzles me. I know he's a very bright person, but his selective amnesia and enormous blind spots to his own poor judgment are amazing.

[tabasco]

5. He's a social Darwinist.

He has lots of money and he doesn't really give a shit.

He thinks "I managed to get a good job and make lots of money. Why don't the rest of you do the same?"

There is a reason they invented the guillotine.

[Hydra]

7. Screw you, Greenspan!

You get your friends billions of dollars in this created crisis, and they scratch your back...and you pretend nothing happened.

[MichiganVote]

8. No thanks to you asshole

[kirby]

9. Irrational unaccountability

Greenspan also say in that article:

"Thus it is important, indeed crucial, that any reforms in, and adjustments to, the structure of markets and regulation not inhibit our most reliable and effective safeguards against cumulative economic failure: market flexibility and open competition."

[PDJane]

11. That's the Washington Concensus at work again.......

And it's absolutely wrong.

Unbridled capitalism is the culprit here, as it is in most of the world.

[snappyturtle]

12. K&R Everyone needs to read this!

:kick: