Former Federal Reserve Chair Alan Greenspan, perhaps the number one person responsible for getting us into the economic mess we're in now, has really gone and lost it, at least if his latest quote on Bloomberg.com, tonight, is accurate: "
Greenspan Says U.S. May Not Be Doing Enough to Promote Recovery."
Bloomberg (February 18)--"There is a general belief that somehow we can regulate very complex organizations, and we can't," he said. "What we've got to do is to try to make them more efficient, to put far more capital into these organizations."
The quote, above, came from an interview before a speech Greenspan gave on Tuesday to the Economic Club of New York.
The article continues:
Responding to questions after the speech, Greenspan blamed insufficient regulatory oversight in part for failing to recognize the degree of risk that was accumulating in the banking system.
--SNIP--
"The regulatory structures, especially internationally, were way behind the curve," he said.
Thanks for clearing that up, Mr. Greenspan. I feel so enlightened.
So, according to the honorable former Fed Chair:
--all that fraudulent mortgage industry activity didn't have a big impact upon the current downturn;
--the ratings agencies that rated all of this securitized garbage "AAA," since they were being paid by the very entities whom they were rating, weren't at fault;
--and you, HUD and the SEC weren't totally asleep at the wheel, among numerous other government regulatory enforcement arms, when it came to preventing all of this.
It was all of those regulatory agencies in other countries that were at fault.
Un-freakin'-believable!
This guy was running the show up until just a little while ago, and this is what he's learned since then?
Thank g-d we have a new regime in power now. They'd never just parrot all those failed policies of the past few decades when it came to managing our nation's economy, going forward, now. Right?
Right?