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TMFAleph1 (95.99)

A Rare Sighting: Greenspan Admits "I Didn't Really Get It"

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October 18, 2007 – Comments (3)

12:55 AM

Last month, I voiced my disappointment here that Alan Greenspan was unable to admit that he may have played a part in causing the housing bubble; in fact, he appears defiant when the idea is put to him. However, the following video interview shows that he does have the capacity to admit mistakes, and even to do so publicly. In the segment from 0:33 to 1:20 (watch below), he admits that he underestimated the extent to which poor lending practices had become common. Still, the journalist is right to describe this as a "rare admission" and Greenspan goes on to say that there was effectively nothing the Fed could do about these practices.

On a related note, The Economist gave a very favorable review to Greenspan's book, The Age of Turbulence.

Enjoy the footage of the Maestro.

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3 Comments – Post Your Own

#1) On October 18, 2007 at 2:24 AM, MakeItSeven (32.95) wrote:

There is one thing he cannot deny: At the time when mortgage rates were at the lowest historically, he advised people to take the new and fancy AMR loans to save money,  People who took his advice when refinancing got busted a few years later when the interest rate reset and they could not refinance again.

Worst Fed chairman ever. 

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#2) On October 18, 2007 at 8:26 AM, dwot (97.28) wrote:

What a moron, setting the world up for the inflation it can now face is all linked to this man's grossly short sighted vision.

Personally, I am so sick and tired of people who can't see beyond today being in positions of power that severely screw the next generations.  The inequity of what this man has created is so enormous and it has created a fairy tale belief system so strongly embedded into our belief system and that most people don't even know they believe in fairy tales.

Ponzi schemes do not work without ponzi kings.  Greenspan is the ultimate king of all Ponzi schemes.

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#3) On October 18, 2007 at 10:28 AM, floridabuilder2 (99.35) wrote:

Greenspan would make a great investment banker... fees on the way up and fees on the way down

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