Comments on: Greenspan: My Faith In Banks A "Mistake"

Former Federal Reserve Chairman Tells House He Sees Flaw In The Free Market Model

[angrycorner]

I have to hand it to the man, he fessed up and called himself out on a ''misconception'' that cost a lot of borrowers and tax payers a ton of money. He in no way had to, he could have ridden out the tried and true market fluctuations argument and would the error will like everything else fall out of the memory of the majority of the people. On the other hand his argument that he never saw it coming? Not possible, with any instance you refer to in history, when the free market is afforded too much power they use it and people lose. People are greedy and corporations are greedier yet. If Greenspan never saw it coming, he probably wasn''t ever qualified to be the chairman.

TCR angrycorner.blogspot.com

[angrycorner]

I have to hand it to the man, he fessed up and called himself out on a ''misconception'' that cost a lot of borrowers and tax payers a ton of money. He in no way had to, he could have ridden out the tried and true market fluctuations argument and would the error will like everything else fall out of the memory of the majority of the people. On the other hand his argument that he never saw it coming? Not possible, with any instance you refer to in history, when the free market is afforded too much power they use it and people lose. People are greedy and corporations are greedier yet. If Greenspan never saw it coming, he probably wasn''t ever qualified to be the chairman.

TCR angrycorner.blogspot.com

[angrycorner]

I have to hand it to the man, he fessed up and called himself out on a ''misconception'' that cost a lot of borrowers and tax payers a ton of money. He in no way had to, he could have ridden out the tried and true market fluctuations argument and would the error will like everything else fall out of the memory of the majority of the people. On the other hand his argument that he never saw it coming? Not possible, with any instance you refer to in history, when the free market is afforded too much power they use it and people lose. People are greedy and corporations are greedier yet. If Greenspan never saw it coming, he probably wasn''t ever qualified to be the chairman.

[blackyowe]

The modern conservative is engaged in one of man''s oldest exercises in moral philosophy;
that is, the search for a superior moral justification for selfishness. -John Kenneth Galbraith

[karentrence]

Has anyone else noticed that Greenspan has been wrong on just about everything he has ever said about banks and the economy? Take our poll to see if you and most americans have no faith in this person. www.theseriouspolice.com

[nativewoman]

The flaw has just been discovered? And he''s SHOCKED I tell you! SHOCKED.

How could he have been unaware of the S&L crisis and bailout of the 1980''s?

That too was precipitated by the relaxation of government restrictions which allowed S&L institutions to engage in speculative real estate ventures.

Sound familiar?

And why lookie here! Neil Bush, a member of the Bush crime family, was a board member of the Silverado S&L and involved in shady dealings which cost the taxpayers one billion dollars when the Silverado collapsed.

So yeah. Let''s have some pity for Mr. Greenspan. How could he possibly have seen this coming?

[txgrouch2007]

Blame the clueless, selfish, greedy rich.
Posted by wickedtwiste at 09:29 PM : Oct 23, 2008

Clueless, my eye! They knew EXACTLY what they were doing.

You are right about a war starting. There is very likely to be war in this country next year.

If nothing else, it will be a food war.

[wickedtwiste]

The term "9/11" represents a day of terror that will be remembered for a very long time by Americans.
I propose a new term for what is happening now and that is "10/08"... representing the NEW TERROR of October 2008... maybe lives have not been lost... but certainly livelihoods and savings have been. This terror of 10/08 has had much more far reaching impact, not just in America, but worldwide, in that our futures have been compromised. This is absolutely the start of the war of the "have nots" vs the "haves".
If you are looking for someone to blame for this fiasco... you canNOT blame the poor and the middleclass for this debacle. Blame the clueless, selfish, greedy rich. THEY are certainly not wondering how they are going to manage, not only for the rest of their lives, but this week!
Guaranteed, they are NOT asking themselves... can I pay my mortgage/rent? Can I pay my car payment/gas/insurance? Can I buy meat? How am I going to pay the credit card bill/s that I''ve been living on?
I find it ironic that gas has dropped 90 cents in the past month. THE ONLY REASON FOR THAT IS BECAUSE THE REPUBLICANS ARE SCARED TO DEATH THAT THEY WILL ALL BE VOTED OUT SO THEY''VE GOTTEN THE OIL COMPANIES TO LOWER THEIR PRICES! IT IS NO COINCIDENCE!
10/08.... the beginning of the REAL terror....

[txgrouch2007]

there was a movement that got underway to do away with the G-S Act of 1933. Many of us fought against that mindset, and we were successful....for awhile. But we were no match for the greed and unethical machines.
Posted by sun247 at 09:09 PM : Oct 23, 2008

Those who fail to learn from history become the sucessful, wealthy, and powerful leaders of our nation who intentionally doom the REST of us to repeat it.

[txgrouch2007]

From http://archive.newsmax.com/archives/articles/2006/1/31/90119.shtml :

As the Financial Intelligence Report noted, "Greenspan is hardly the financial genius that many have proclaimed him to be. He is much more like a bad doctor who gives his patient terrible medical advice and then warns about the consequences."

Greenspan was ALWAY a political stooge of the current administration.

He waited FAR too late to step on the brakes of the dotcom bubble. When he finally did, AFTER the 2000 election, he plunged the economy into the 2001 recession that burst the dotcom bubble and wrecked prosperity as we knew it.

Then, he dropped interest rates and started the real estate bubble.

Makes you wonder how he drives his own car. Does he stop for green lights and go through red lights?

THAT''S HOW HE DROVE OUR ECONOMY. Now we''re suffering the inevitable wreck as our economy ran out in front of a train.

THANKS, ALAN GREENSPAN. You should be in jail.