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The Media Can't Stop Sucking Up to Alan Greenspan


Business  (tags: David Dayen, Alan Greenspan, former Fed Chairman, media kisses up, Jon Stewart video, financial meltdown, ignored housing bubble, duped America, blame Greenspan, Adjustable Rate Mortgages, irresponsible, securitization machine, outrageous )

Judy
- 324 days ago - newrepublic.com
Needless to say, anyone who's paid attention to the economy the past few years knows how ridiculous it is to fete Greenspan, the main architect of the policies that led to the Great Recession. If we lived in a just world, we would put him on trial, not on



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Comments

jan b. (3)
Wednesday October 23, 2013, 1:49 pm
October 2008 Alan Greenspan, Federal Reserve Chairman from 1987-2006, admitted before the House Committee onGovernment Oversight and Reform that he made mistakes as Fed chairman. Greenspan said the "flaw" in the assumptions he had over four decades was that lending institutions themselves were best able to protect the interest of their shareholders.
The economy boomed in the 1990s following the Clinton tax increases and by the end of Clinton's term the government was paying off debt so quickly that Alan Greenspan called for Bush II to again cut taxes on the rich, saying it was dangerous to pay off the government debt yes, the same Alan Greenspan who now says we have to get rid of Social Security to pay off debt. The plan. Bush called restoration of deficits "incredibly positive news"


 

Marlene Dinkins (233)
Friday October 25, 2013, 11:16 am
noted ty
 

Jerry B. (120)
Friday October 25, 2013, 11:32 am
Noted ..thanks Judy!
 

Malgorzata Zmuda (182)
Friday October 25, 2013, 11:48 am
petycja podpisana
 

Betty Kelly (2)
Friday October 25, 2013, 12:00 pm
What has been done to protect ourselves from A. Greenspan's mistakes being repeated?
 

Jaime A. (32)
Friday October 25, 2013, 12:03 pm
Noted.
 

Jinny L. (66)
Friday October 25, 2013, 12:22 pm
Unfortunately, the media is owned by people/big corp i.e. Greenspan (the list goes on). They kiss their arses! Thanks for sharing.
 

Debbie S. (33)
Friday October 25, 2013, 1:00 pm
Still nothing learned from the past mistakes obviously, doomed to repeat them.
 

bilja c. (48)
Friday October 25, 2013, 1:30 pm
Greenspan or GREENSPAM?
 

Birgit W. (144)
Friday October 25, 2013, 2:08 pm
I agree with Jinny L. Thanks.
 

Sara V. (0)
Friday October 25, 2013, 4:45 pm
Whoa - "But his allergy to regulation and unshakeable belief in the virtues of the free market led him to ignore the bubble and its risks, infusing investors and consumers with confidence that the run-up in home prices was perfectly normal." - What?

Greenspan has been all about messing with markets - quantitative easing, and what do you think the bank bailouts were? They were more messing. The banks were able #1, to lend out more than they had (due to fractional reserve banking being legalized - i.e. regulation), and then #2, banks were told by the government that it was okay to make bum housing loans to people who couldn't pay them (thus driving up prices in the housing market falsely.) How can that even remotely be construed as free market activity? All of that is meddling. If the banks lent real money out, they would obviously care whether or not people could pay it back. They wouldn't have made those loans, and the bubble wouldn't have happened.

This sounds like just another attempt to pin the wrongdoings of the oligarchs onto the free market in hopes of giving the free market a black eye in the eyes of the people (especially the ones watching the inane "news" shows on which Greenspan is asked about his knighthood and other such distracting topics.)

We can see that these problems have come about because of the meddling with the markets. The question is whether people are too scared by how manipulated the markets have become to imagine what a real free market would really be like. It is nothing like this one.
 

Sara V. (0)
Friday October 25, 2013, 4:53 pm
It's a real laugh to think of Greenspan paying Chase's fine. "After all, that fine penalizes JPMorgan Chase for duping investors into purchasing mortgage-backed securities it knew were stuffed with garbage loans." Yes, the banks did that. They were in bed with Greenspan. If banks are allowed, because of laws being passed (which means that we must accept it), to lend out more money than they actually have, why wouldn't they do just that to the nth degree? They can make interest on NOTHING. When a loan isn't paid, the bank gets the house, a hard asset. The banks were and are in a win-win situation. To think that anyone should pay their fines - even Greenspan - is laughable.
 

Roger Garin-michaud (62)
Friday October 25, 2013, 5:08 pm
noted, thanks
 

John S. (303)
Friday October 25, 2013, 8:25 pm
You don't think the American people are too blame as much as Greenspan, or Chris Cox, or Hank Paulson, or Joe Cassano, or Ian McCarthy, or Frank Raines, or Kathleen Corbet, or Dick Fuld, or Marion and Herb Sandler, or Bill Clinton (I'll just point out that mong his biggest strokes of free-wheeling capitalism was the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods.), or George W. Bush, or Stan O'Neal, or Wen Jiabao, or 20 others that had good intentions but were ultimately bad managers?
 

Judy C. (106)
Saturday October 26, 2013, 4:22 pm
I think there is plenty of blame to go around, but this old toad Greenspan deserves to be called out. After all, his actions were totally irresponsible. He observed and enabled perhaps the biggest heist in world history. His denial and lack of remorse are indicators of being a sociopath.

There are critical lessons to be learned from this mess we are in, but the People are mostly paying no attention, as usual. The world is being run by elite criminals.
 
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