Apparently Alan Greenspan, the consummate Washington, DC insider, is going to deliver a paper at the Brookings Institute tomorrow. And he will "admit" that the Fed, under his tenure as chairman, did not predict the severity of the housing "bubble" and subsequent crash. Ya' think?
But the most disturbing part of his talk is that he refuses to believe that regulatory efforts can at least mitigate these kinds of debacles. In fact, in his usual "magical" language, he talks about how "central controls" will ruin capitalism. And that we can not do anything to prevent bubbles, merely analyze them in their aftermaths.
I suppose the millions of people who lost their homes due to foreclosures or are underwater in their loan to equity ratios will be consoled with his thoughts.
Posts
No comments:
Post a Comment