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Alan Greenspan's Day of Tears

October 24, 2008 RSS Feed Print

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At the new New York Times econ blog Economix, writer David Leonhardt writes this about Alan Greenspan's meaculpa on Capitol Hill:

Over the last 30 years or so years, the world has been deeply influenced by a laissez-faire economic philosophy, which has shifted the world toward an embrace of markets. And markets certainly do many things very well.... But it certainly seems as if this country, at least, went too far toward laissez-faire economics.

Me: Other than Wall Street, what other industries does Leonhardt want to reregulate? Communications? Transportation? Does he want tax rates back up to 70 percent and not indexed for inflation? Does he want to scrap NAFTA? I want to hear more!

Tags:: Alan Greenspan,; economics

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Greenspan's easy money policies as Fed Chairman are as responsible for the current housing crisis as anything or anyone else. For him to now be blaming a free market that doesn't exist and hasn't for a century, is disingenuous at best. How in the world can he blame the "free" market when he spent almost 20 years as one of its most powerful regulators?
Come on, the guy's deflecting blame away from himself. And everyone's falling for it.

Mark of CA 2:36PM October 24, 2008

by Mr. Waxman---and the answer not offered by Greenspan---was just exactly what would the "government regulator" have done? In particular, what does Greenspan think should have been done that wasn't or what does Waxman expect should have done, that wasn't?
Watch the tape of the Fannie and Freddie hearings. It sounds to me like the regulator who was skewered by the left-wing congress people in the hearings, being Armondo Falcon, the Federal Housing Enterprise Oversight Director, was on the case, big time, uncovering the fraud in those government sponsored entities.
The advocates of more regulation need to explain exactly what more should have done and why what the Republicans proposed, even plead for, in the way of regulation was met with derision and even claims of racist motives. I'm all ears.

marcethomas of MI 2:02PM October 24, 2008

Mr. Greenspan has set a unique example of accountability, and the many others who have been a part of this crisis should get in line behind him and do the right thing..
It does not matter what the plan is if it leaves out accountability and that is what has happened. No one owns up to the lack of responsibility for this crisis and no one other than Mr. Greenspan is admitting even a smidgen of accountability. This man did not do all of this on his own, and----if you really check the companies who are suppose to be fixing this problems( and no one will, it is easier to blame Mr. Greenspan) in the foreclosure market you will find there is still a disregard for doing the right and lawful thing.
Be ashamed for trying to lay this load on one man. How naive can you be?

Ann Knowles of NC 1:10PM October 24, 2008

Alan Greenspan's Day of Tears

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