Allen Greenspan, the man whose monetary policy-making was one of the single-most important forces in helping prevent the recession/depression that the the dot-com bubble-burst should have created, today admitted that even as he made it easier and easier for people to attain more credit than they ought to have considered getting, he KNEW that abuses of the credit policies were going on.
He says now that he didn't think it was going to be a problem until 2005.
Um, dude... 2005 was TWO FUCKING YEARS AGO.
How many people in the last 2 years got sucked into loans they couldn't afford in the last two years? Even if we forgive you for the ones who got in trouble before that -- before you thought maybe something should be said.
You were the most important voice on the planet, when it came to US money, money supply, and anything at all regarding our financial state.
Maybe scapegoat isn't the right word for Greenspan. Asshole comes to mind. Coward. Bastard.
Not scapegoat.
From Drudge (his flash page, so the link's not perma)
http://drudgereport.com/flash1.htm
GREENSPAN SAYS HE KNEW ABOUT ABUSES IN SUBPRIME LENDING BUT FAILED TO FORSEE THEIR PARALYZING MARKET EFFECTS UNTIL LATE 2005
Thu Sept 13 2007 12:30:11 ET
Former Federal Reserve Chairman Alan Greenspan admits he "didn't really get it" that the subprime lending trend was significant enough to hurt the economy until very late 2005, but still defends his lowering of interest rates from 2001 until 2004 that critics say caused the crisis in the first place. Greenspan, who led the U.S. Federal Reserve Bank through 18 years and four presidents, speaks to Lesley Stahl in his first major interview, to be broadcast on 60 MINUTES Sunday, Sept. 16 (7:00-8:00 PM, ET/PT) on the CBS Television Network.
Greenspan says he knew about the questionable subprime lending tactics that gave loans to homebuyers and investors with low adjustable interest rates that could rise precipitously, but not the severe economic consequences they posed. "While I was aware a lot of these practices were going on, I had no notion of how significant they had become until very late," he tells Stahl. "I really didn't get it until very late in 2005 and 2006."
He says now that he didn't think it was going to be a problem until 2005.
Um, dude... 2005 was TWO FUCKING YEARS AGO.
How many people in the last 2 years got sucked into loans they couldn't afford in the last two years? Even if we forgive you for the ones who got in trouble before that -- before you thought maybe something should be said.
You were the most important voice on the planet, when it came to US money, money supply, and anything at all regarding our financial state.
Maybe scapegoat isn't the right word for Greenspan. Asshole comes to mind. Coward. Bastard.
Not scapegoat.
From Drudge (his flash page, so the link's not perma)
http://drudgereport.com/flash1.htm
GREENSPAN SAYS HE KNEW ABOUT ABUSES IN SUBPRIME LENDING BUT FAILED TO FORSEE THEIR PARALYZING MARKET EFFECTS UNTIL LATE 2005
Thu Sept 13 2007 12:30:11 ET
Former Federal Reserve Chairman Alan Greenspan admits he "didn't really get it" that the subprime lending trend was significant enough to hurt the economy until very late 2005, but still defends his lowering of interest rates from 2001 until 2004 that critics say caused the crisis in the first place. Greenspan, who led the U.S. Federal Reserve Bank through 18 years and four presidents, speaks to Lesley Stahl in his first major interview, to be broadcast on 60 MINUTES Sunday, Sept. 16 (7:00-8:00 PM, ET/PT) on the CBS Television Network.
Greenspan says he knew about the questionable subprime lending tactics that gave loans to homebuyers and investors with low adjustable interest rates that could rise precipitously, but not the severe economic consequences they posed. "While I was aware a lot of these practices were going on, I had no notion of how significant they had become until very late," he tells Stahl. "I really didn't get it until very late in 2005 and 2006."