Greenspan: It's Not My Fault

[RobertB]

GREENSPAN: IT'S NOT MY FAULT
By JANET WHITMAN

September 14, 2007 -- Alan Greenspan says don't blame him for the latest market turmoil.

The former Federal Reserve chairman said critics who have argued recently that he helped bring on the crisis in the market for risky home loans by cutting interest rates for three straight years "are mistaken.

"It was our job to unfreeze the American banking system if we wanted the economy to function," Greenspan told CBS' "60 Minutes" during an interview to be broadcast on Sunday.

http://www.nypost.com/seven/09142007/business/greenspan__its_not_my_fault.htm

[Big Daddy]

GREENSPAN: IT'S NOT MY FAULT
By JANET WHITMAN

September 14, 2007 -- Alan Greenspan says don't blame him for the latest market turmoil.

The former Federal Reserve chairman said critics who have argued recently that he helped bring on the crisis in the market for risky home loans by cutting interest rates for three straight years "are mistaken.

"It was our job to unfreeze the American banking system if we wanted the economy to function," Greenspan told CBS' "60 Minutes" during an interview to be broadcast on Sunday.

http://www.nypost.com/seven/09142007/business/greenspan__its_not_my_fault.htm

Well I didn't read the article, but the quote above says one thing to me.
Given the fact that the Fed was set up by banks for banks, I would interpret this statement as:
"It was our job to influence the money supply, regulations, and rates if we are to continue growing and making larger profits." (Even at the publics expense)

[zhan]

Is it just me or is it a *really* bad sign when you have all these people pointing the fingers at each other already?

We need a deck chairs on the titanic smiley. :nod

[RobertB]

For those who are interested in Greenspan doublespeak, he is going to be interviewed by Maria Bartiromo on Wall Street Week, ABC, next Sunday at 6:00 a.m. EDT. The moneymeister shylock will have a forum in which to bash everyone who dares suggest that he was not monetarily perfect during his FED dictatorship.

[Cameron]

Mr. Greenspan seems to be missing the spotlight. And in typical liberal fashion, he announces that the problems in the financial world are the president's fault and not his.

Perhaps its a vast right wing conspiracy......:doh

[Vonne]

Mr. Greenspan seems to be missing the spotlight. And in typical liberal fashion, he announces that the problems in the financial world are the president's fault and not his.

Alans a liberatti? :idunno

[ojibweindian]

From what I've heard, Alan Greenspan is actually a Libertarian.

Anyways, I don't think the sub-prime implosion is his fault; nobody forced lenders to make loans to poor credit risks, and nobody forced people with bad credit and low incomes to buy more than they could afford.

Blame should be allocated to where it belongs; greed and a lack of self-control/discipline.

[RobertB]

From what I've heard, Alan Greenspan is actually a Libertarian.

Anyways, I don't think the sub-prime implosion is his fault; nobody forced lenders to make loans to poor credit risks, and nobody forced people with bad credit and low incomes to buy more than they could afford.

Blame should be allocated to where it belongs; greed and a lack of self-control/discipline.
Actually he has described himself as a "Libertarian Republican," yeah right.

And the biggest blame arguably goes to those greedy bankers, the Fed, and the chairman of the Fed, Greenspan himself. Greenspan is afflicted with the same syndrome as Jimmy Carter, trying to extricate himself from blame for mistakes he made, and trying to spread blame to everyone else, not to mention the idea that some "spent" pols/policy makers refuse to give up the limelight, thinking that they are still important.

[ojibweindian]

Robert

I really do think the blame goes to those who borrowed beyond their ability to pay, and to those who made loans to people without the means to pay.

[RobertB]

Robert

I really do think the blame goes to those who borrowed beyond their ability to pay, and to those who made loans to people without the means to pay.

Oh I agree, but Greenspan had a great deal of influence in the banking industry, and Fed policies were also a factor. The Fed and, Greenspan, knew what was going on, and the least they could have done, imo, was to jawbone with the banking industry, pointing out the errors of their lending ways, early on. But now that is history, and we just have to watch the fallout.