Monday, Oct 19, 2009
NOW he makes the right noises
Bloomberg: Greenspan says US should consider breaking up large banks
Alan "it wasn't me, it was the Chinese and their excess savings" Greenspan says banks must not be too big to fail - failure is an integral part of a market system. Getting too big to fail makes for moribund firms that are a big drain on society's savings and undermine living standards. Implicit gov't guarantees of big banks' obligations give them an unfair advantage (they can borrow more cheaply for a start) and this squeezes out competition (and makes the big banks even bigger). Just taxing the big banks more and raising capital ratios won't do the job. They should be broken up. Strange how these guys see the light AFTER they leave office. Then again, maybe it's not so strange.
Posted by icarus @ 07:26 PM (683 views) Add Comment
17 Comments
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1. drewster said...
Definitely a step in the right direction. Same goes for the UK - we need to break up these monsters. In Germany, a rather more stable country, the banks tend to be small and local.
2. nomad said...
Agreed, this is a big name making a big point.
3. bystander said...
It will never happen. Greenspan is desperate to stay in the limelight, just another soundbite, much like GB and Darlings condemnation of the bankers bonuses, just a pile of old horse sh*te to pacify the great unwashed. I wish it wasn't so, but have become increasingly despondent, watching the same old same old, feeding the greed, either for money or fame or in Greenspan's case a slightly less tarnished memory.
4. drewster said...
Desperate to stay in the limelight? The guy is 83 years old, I'm surprised he still cares about the limelight!
bystander,
I'm equally increasingly despondent. I might just have to jack it all in and get a job as a bankster!
5. quiet guy said...
Perhaps Greenspan wants to protect his reputation in the history books. Of course it's far too late for that now.
6. cyril said...
this is like Gordon Brown going on about climate change now he knows he won't have to do anything about it.
7. cat and canary said...
yes, please break them up, smash them up into little pieces, why should governments be swayed by such monoliths of profit
8. drewster said...
Gordon Brown is talking about climate change just to score political points. If he hammers out a nice agreement at the Copenhagen summit in December, then he can boast about it all the way til the election. Of course, just like Kyoto, nothing will actually come of it.
9. mander said...
Greenspan is delusional at his age. He has got it wrong and talks a lot nonsence now. Who the hell is going break up a bank la Goldman Sachs?
10. crunchy said...
The sooner Greenspan pegs it the better.
One less!
11. crunchy said...
How this criminal has the cheek to show his face!
12. crunchy said...
Propaganda, the exact opposite is happening.
This whole thing is all about centralisation and this traitor knows is.
13. drewster said...
Seriously crunchy, is there any chance you could collate all your thoughts in a single posting?
14. crunchy said...
The Fed needs a damn good independent audit and then dismantling.
How about that one Greenspan.
Sorry I forgot. You are above the law.
15. crunchy said...
13. drewster
No, These posts on this financial terrorist have real venum and passion behind them. If I wrote what I really wanted to say I would be
banned and my post/posts wiped. Sorry for not being clinical in my gagged postings. This """"IMHO""""" is just one of the people that will
be responsible for 95% of Americans, children included, being dirt poor and impoverished within 2 years. This bast4rd does not fool me.
I shall say no more.
16. crunchy said...
8. drewster... Dream on, it has already been ratified mate, but you would have problems getting your head around that.
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