Only after the economy crashed did he admit he was wrong

[guno]

Only After his buddys looted the economy and wrecked lives he admitted he was wrong, and yet him and his buddy's run free and lose to cause havoc once again


Bernie Sanders Confronts Alan Greenspan - YouTube

 

[EdwardBaiamonte]

Only After his buddys looted the economy and wrecked lives he admitted he was wrong, and yet him and his buddy's run free and lose to cause havoc once again


Bernie Sanders Confronts Alan Greenspan - YouTube

dear, this subject would be way too complicated for you. For example, can you tell us why you blame Greenspan more than HUD??

 

[Jomama]

Greenspan was in charge of the economy and THE ONE responsible for eliminating contagion effects. He can talk down any market, can control bank leverage ratios, can shame rating agencies into doing legit work and can suck confidence out of inflated valuations like sub-prime, synthetic CDOs. HUD made mistakes, the rating agencies made mistakes, lots of people made mistakes and Greenspan is responsible for accepting every one of them. Worse yet, when things started to unravel, he had no idea what was going on, told everyone a contagion was impossible and continued to fiddle while the economy burned.

If Greenspan were making a fuckup that big in China, he would have been executed. That's how you keep the next economic meltdown from happening for a very long time.

 

[EdwardBaiamonte]

Greenspan was in charge of the economy.

Greenspan was just an appointee dear and not in charge of anything, and he had a Ph.D in economics, as do 10,000 others but no one saw what was coming. So, you're argument, in smug and perfect hindsight, is really against the state of our knowledge about macro economics in the 2000-2007 period. Do you understand?

 

[EdwardBaiamonte]

Only After his buddys looted the economy and wrecked lives he admitted he was wrong, and yet him and his buddy's run free and lose to cause havoc once again


Bernie Sanders Confronts Alan Greenspan - YouTube

dear, he did not admit that he and conservatism/libertyarianism were wrong, only that there was a flaw in his reasoning. The flaw was that the market could not self-correct for the severe distortions inflicted on the free market by liberal programs, the way he thought it could.


Here's example of severe distortion:

Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . .


Do you have the IQ to understand??

 

[Jomama]

Simpleton, If you've ever spent a day in the private sector or the military you'd know that accountability is everything. If you had good parents or teachers you would understand the concept as well. Do you lack the IQ to understand?

Not in charge of anything?
"The Chair of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States. Known colloquially as "Chair(man) of the Fed", "Fed Chair(man)" or "Fed Chief". The Chair is the "active executive officer"[2] of the Board of Governors of the Federal Reserve System."

 

[EdwardBaiamonte]

you'd know that accountability is everything.

dear, you cant be accountable for what human knowledge does not comprehend. Do you understand?

 

[Jomama]

Only you would say that.

There were plenty of shorts placed on Wall Street that prove the bubble was known and know-able. There were traders selling junk CDOs who knew it was garbage and said so in emails. There were plenty of banks who pulled in their assets and started playing defense in 2006 - 2008. (hint, they didn't go bust). There was one US Car Company that strengthened it's liquidity in 2007-2008 (hint, the one which did not require a bailout). Ditto insurers vs AIG. Ditto a few housing developers.

I shall forever remember you as saying; you cant be accountable for what human knowledge does not comprehend. It captured your essence so perfectly; clueless and weak.

 

[EdwardBaiamonte]

Only you would say that.

There were plenty of shorts placed on Wall Street.

too stupid by 1000% there were a few contrarian bets on Wall Street but the economics profession and other professions was not clamoring for the Fed or anyone to pop a bubble they did not know existed.

 

[EdwardBaiamonte]

I shall forever remember you as saying; you cant be accountable for what human knowledge does not comprehend. .

I will forever remember you for being too stupid to say how it is possible to be responsible for what human knowledge does not comprehend.

 

[Jomama]

Oh, sorry, you must have missed this;

There were plenty of banks who pulled in their assets and started playing defense in 2006 - 2008. (hint, they didn't go bust). There was one US Car Company that strengthened it's liquidity in 2007-2008 (hint, the one which did not require a bailout). Ditto insurers vs AIG. Ditto a few housing developers.

But, what, they were all one-off outliers?

Or this;
"The Chair of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States. Known colloquially as "Chair(man) of the Fed", "Fed Chair(man)" or "Fed Chief". The Chair is the "active executive officer"[2] of the Board of Governors of the Federal Reserve System."


But for some nutty political reason, you need to defend Greenspan for fear of looking...um, ... thoughtful?

 

[EdwardBaiamonte]

Oh, sorry, you must have missed this;

There were plenty of banks who pulled in their assets and started playing defense in 2006 - 2008. (hint, they didn't go bust). There was one US Car Company that strengthened it's liquidity in 2007-2008 (hint, the one which did not require a bailout). Ditto insurers vs AIG. Ditto a few housing developers.

But, what, they were all one-off outliers?

Or this;
"The Chair of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States. Known colloquially as "Chair(man) of the Fed", "Fed Chair(man)" or "Fed Chief". The Chair is the "active executive officer"[2] of the Board of Governors of the Federal Reserve System."


But for some nutty political reason, you need to defend Greenspan for fear of looking...um, ... thoughtful?

dear, why insist on being stupid using your great 20/20 hindsight in public? If there was anything near a consensus a bubble would have been impossible. Do you understand now??

 

[SillyWabbit]

I'm not sure who knew or didn't know what, nor when they knew and/or didn't know it, BUT, does anyone know anything now? What--if anything--has changed substantially to prevent future (current?) disasters? I'm pretty sure that not much has changed and that we're as ripe for destruction as ever.
Also, why is Greece in the news everyday? If they're so disturbed by austerity measures, then why don't they just default already and fix their own problems? Let's see how many pensioners get their checks and how high unemployment will shoot up with no outside cash flow to bail them out.

 

[EdwardBaiamonte]

BUT, does anyone know anything now? What--if anything--has changed substantially to prevent future (current?) disasters?

yes of course, the entire world is now afraid of mortgage backed securities and we know whole issue was caused mostly by libcommie govt forcing Fan/Fred to create demand for all the sub prime, At A mortgages.

 

[EdwardBaiamonte]

'
Also, why is Greece in the news everyday?

they are playing their cards well.. They want a huge bailout to possibly prevent the EU from collapsing.