Greenspan Concedes Error on Regulation - New England Patriots Forums

MrSparkle · 10-24-2008, 03:40 AM

http://www.nytimes.com/2008/10/24/bu...e8b&ei=5087%0A

Quote:

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.

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.

So, how low will Wall Street fall today. It's scary out there kids and remember, the sky is falling.

***DarrylS*** · 10-24-2008, 03:51 AM

Saw this on the news last night, this whole thing is sounding scarier and scarier.. heard another broadcast that spoke of an "Economic Katrina".... guess Linens and Things is going under, Circuit City hanging by a thread.. many others following suit.