Greenspan: Fed, Regulators "Failed"

Former Federal Reserve Chairman Alan Greenspan said at the Brookings Insitute today, "Even with the breakdown of private risk-management, the financial system would have held together had the second bulwark against crisis -- our regulatory system -- functioned effectively. But, under crisis pressure, it too failed." Bloomberg News says that Greenspan "said low interest rates weren’t to blame for inflating the bubble, placing the blame instead on regulators," "Even though for years our largest 10 to 15 banking institutions have had permanently assigned on-site examiners to oversee daily operations, many of these banks still were able to take on toxic assets that brought them to their knees."

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By Jen Chung in News on March 19, 2010 3:00 PM

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blink

Thanks for the economic meltdown Alan. Being poor is the new middle class.

ANGRYGOD11

Yes, he failed. But, unlike most people he's standing up and saying it loud and clear to prevent another crisis and giving up his reputation to do it.

The Other Sarah T

"But, unlike most people he's standing up and saying it loud and clear to prevent another crisis and giving up his reputation to do it."

HAHAHAHAHAHA !!! "Giving up his reputation" - Absolutely priceless ! It's funny because his policies & his followers helped to nearly tank the whole frickin' economy, & countless people have had to give up their homes & jobs & healthcare, etc., geddit ? Ow ! Stop ! My ribs hurt already !

Yeah, they don't get much more stand-up than good old Alan Greenspan. He should eat a bag of dicks.

ANGRYGOD11

I'm not giving him a parade, but at least he's willing to take the blame.

Who's taking responsibility for 9/11?

Who's taking the blame for the Weapons Of Mass Destruction?

Who's taking the blame for Valarie Plame?

Who's taking responsibility for Katrina?