Saturday, Sep 15, 2007
Alan Greenspan is now admitting that he was aware that the successive interest cuts under his stewardship of the Federal Reserve were encouraging an explosion in sub-prime lending but that he was slow in realising the dangers that the trend carried for th
Independent: Greenspan admits he was slow to pick up on sub-prime dangers
Yer right!
Posted by planning4acrash @ 09:11 AM (813 views) Add Comment
5 Comments
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1. ck one said...
Alan you lying b**tard, you knew all along what would happen after you bailed out! Never has a man been more stichted up than Mr Bernanke......
2. wiltshire said...
It's rather unfortunate that he didn't visit here regularly cos some of the knowledgeable posters here knew what was happening!
3. Nmarks said...
"Greenspan admits he was slow to pick up on sub-prime dangers"
That's funny. A lot of us have known for years exactly what was going on and its why we refrained from buying property.
4. Nmarks said...
There's none so deaf as those that won't hear. To me this sound like Greenspan is pleading ignorance which, of course, is no defence under the law.
Until I came across this website about three months ago I felt like a lone voice in the wind, with only the exception of that BBC2 Money Programme special on cheap credit that aired about five years ago.
I am so glad I have found this site, know there are people minded like me and that this excruciating charade of a property bubble may be coming to a long overdue end.
5. Alan said...
Greenspan said in the article:
"It was our job to unfreeze the American banking system if we wanted the economy to function. This required that we keep rates modestly low."
Is there a prize for guessing if the Fed will repeat the mistake? I reckon it's a racing certainty, alas!