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LONDON (Reuters) - More banks and financial institutions are likely to face insolvency and need bailouts before the global financial crisis is over, according to former Federal Reserve chairman Alan Greenspan.
Writing in the Financial Times, Greenspan called the current crisis -- which started a year ago -- a once or twice in a century event and said insolvency would only end once U.S. house prices stabilized, underpinning mortgage-backed securities.
Until then, the threat of collapse among banks and other global financial institutions would persist.
"Fears of insolvency have not, as yet, been fully set aside," Greenspan wrote in an article published online on Monday. "There may be numbers of banks and other financial institutions that, at the edge
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LONDON (Reuters) - More banks and financial institutions are likely to face insolvency and need bailouts before the global financial crisis is over, according to former Federal Reserve chairman Alan Greenspan.
Writing in the Financial Times, Greenspan called the current crisis -- which started a year ago -- a once or twice in a century event and said insolvency would only end once U.S. house prices stabilized, underpinning mortgage-backed securities.
Until then, the threat of collapse among banks and other global financial institutions would persist.
"Fears of insolvency have not, as yet, been fully set aside," Greenspan wrote in an article published online on Monday. "There may be numbers of banks and other financial institutions that, at the edge
i need to own a gun, and learn horticulture... how about you?
Re: Greenspan says more banks, institutions may founder
.......Or Spam and cheap hallucinagens probably go toghether well. You just carve the spam into any shape you want a Turkey, steak, salmon etc. And that Government cheese on cheap macaroni can't be beat.
LONDON (Reuters) - More banks and financial institutions are likely to face insolvency and need bailouts before the global financial crisis is over, according to former Federal Reserve chairman Alan Greenspan.
Writing in the Financial Times, Greenspan called the current crisis -- which started a year ago -- a once or twice in a century event and said insolvency would only end once U.S. house prices stabilized, underpinning mortgage-backed securities.
Until then, the threat of collapse among banks and other global financial institutions would persist.
"Fears of insolvency have not, as yet, been fully set aside," Greenspan wrote in an article published online on Monday. "There may be numbers of banks and other financial institutions that, at the edge
I have yet to read anyone's opinion of why it is just assumed our government should bail out every failed financial institution. Can someone step up and do that for us?
Even a supposedly semi-genius like Alan Greenspan talks as if it is just understood that this will happen. It makes no sense to me.
Re: Greenspan says more banks, institutions may founder
Quote:
Originally Posted by PatriotsReign
I have yet to read anyone's opinion of why it is just assumed our government should bail out every failed financial institution. Can someone step up and do that for us?
Even a supposedly semi-genius like Alan Greenspan talks as if it is just understood that this will happen. It makes no sense to me.
After the Great Depression economist George Keynesian came up with the idea of goverment intervention in times of economic crisis. This is where farm subsadies comes from,or airline bailouts. The particular industry is of such a scale thet if it failed it cause a major economic down turn Any ways the point is that sometimes the government has to intervine,the invisible hand of the free market doesn't work. At least thats what I remember.
Re: Greenspan says more banks, institutions may founder
Quote:
Originally Posted by reflexblue
After the Great Depression economist George Keynesian came up with the idea of goverment intervention in times of economic crisis. This is where farm subsadies comes from,or airline bailouts. The particular industry is of such a scale thet if it failed it cause a major economic down turn Any ways the point is that sometimes the government has to intervine,the invisible hand of the free market doesn't work. At least thats what I remember.
Maybe we are supposed to be in a major economic downturn is my point. I do understand the reasoning behind this action, but our federal gov. has gotten carried away with too many programs when you include this year's "economic stimulus" checks and another one being discussed before year's end.
The danger we are facing is that the economy won't find the natural balance a true recession will bring. Every single government bailout whether its the financial industry or the public (stimulus) increases the monsy supply and that throws the economy off-course even more.
The major lesson we should have learned by now is that we avoided a major recession in 2000 because the Fed and the financial institutions created the housing bubble. That was actually just an allusion brought about by foolish and irresponsible government policy and business models. So, let's look at the results of the federal government's plan of avoiding that recession...and we see that we are in a "Heap 'O trouble now".
In summary, the government action in 2000 made things 10 times worse and what is happening now? We're doing the same thing all over again! Using government policy in an effort to avoid recession.
The only difference is this time "it aint gonna work".
Re: Greenspan says more banks, institutions may founder
Quote:
Originally Posted by reflexblue
After the Great Depression economist George Keynesian came up with the idea of goverment intervention in times of economic crisis. This is where farm subsadies comes from,or airline bailouts. The particular industry is of such a scale thet if it failed it cause a major economic down turn Any ways the point is that sometimes the government has to intervine,the invisible hand of the free market doesn't work. At least thats what I remember.
Made a mistake it was John Maynard Keynes,not G Keynesian that came up with the public works government intervention strategy. I was reading a excerpt from a book about George Bush and Kyesian economics and ended up with George Keynesian.
Greenspan says more banks, institutions may founder
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