CrusaderFrank
Diamond Member
- May 20, 2009
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Alan Greenspan admitted that deregulation was a mistake.1. Turn American enterprise back over to US entrepreneurs through lower taxes and regulations
2. Defeated Soviet Communism
3. Freed Eastern Europe
Close the thread right here
http://www.nytimes.com/2008/10/24/business/economy/24panel.html
By EDMUND L. ANDREWS
Published: October 23, 2008
WASHINGTON For years, a Congressional hearing with Alan Greenspan was a marquee event. Lawmakers doted on him as an economic sage. Markets jumped up or down depending on what he said. Politicians in both parties wanted the maestro on their side.
CNBC Video: Greenspan Testimony
Greenspan Prepared Remarks
But on Thursday, almost three years after stepping down as chairman of the Federal Reserve, a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.
Those of us who have looked to the self-interest of lending institutions to protect shareholders equity, myself included, are in a state of shocked disbelief, he told the House Committee on Oversight and Government Reform.
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Yawn.
I'll let you know when you make a point worthy of a response.