is it just me or does greenspan have the demeanour of someone who truly believes he is not in any way responsible for the GFC. i would imagine its hare to get another job when your resume reads:
- Key achievement 1: monetary policy: maintained cheap money supply to fuel bubble in house prices which ultimately brought about over supply in housing which resulted in falling prices, increased loan defaults, peak foreclosures, bank and family bankruptcy, etc, etc, and a little GFC. - Key achievement 2: free market policy encouraging moral hazard at individual and corporate level. yes, you can securitize anything... including loans for people who probably cant pay back the loans... but you dont need to know about that...
Perhaps this is what happens when you take advice from Russian freethinkers who just maybe are a little jaded by government regulation couressey of oh i dont know communism. big gap between communism and free markets. sensible regulation... too much to ask?
(Easy to have reasonably accurate opinions after the facts isnt it)
Anyhow, the reason i am here is that i just saw markel just backed down and is no longer the lone voice urging bondholders to share the price in bailing out greece. sanity at last. markets back to green in the short term.
