*Now* He Tells Us

By
Well, paint me green and call me Gumby!

Former Federal Reserve Chairman Alan Greenspan says the current financial crisis has uncovered a flaw in how the free market system works and that has shocked him.

Greenspan told the House Oversight Committee on Thursday that his belief that banks would be more prudent in their lending practices because of the need to protect their stockholders had proven in the latest crisis to be wrong.

Greenspan said he had made a "mistake" in believing that banks in operating in their self-interest would be sufficient to protect their shareholders and the equity in their institutions. Greenspan said that he had found "a flaw in the model that I perceived is the critical functioning structure that defines how the world works."


Thanks alot, Al. Can the people who got kicked out of there homes stay with you until they get back on their feet?

Comments

daveawayfromhome said…
The stockholders have to be blamed a bit here too, since they're the ones who hired people with provisions in place that ensured that the hirees would win, even in the event of failure. With great rewards ought to come great risks, but for major corporate players there was no risk to speak of.

Maybe someone needs to send Greenspan a copy of the Peter Principle, because you know that there were people in charge who couldnt handle the job. It doesnt matter what the system ought to do (there's that phrase again), if the people running the system are stupid, greedy, or both.
2:44 AM
Post a Comment

Popular posts from this blog

Five Actresses Who Should Be Considered For A Wonder Woman Movie

By
Image
For being DC Comic's most recognizable female character, WW has been given the cinematic shaft for a long time. We've seen two incarnations of Lois Lane and countless Bat-groupies, but not one decent pitch for the Amazon in the big screen. And we're talking about a character who made armored underwear cool waaay before anyone heard of Princess Leia. So here's one humble man's suggestion for any future casting of the Wonder Woman movie. I really have three rules for casting: she has to be at least 5'10", under 45 and attractive enough to pass for a princess. Sandrine Holt - Age: 36, Height: 5'10", Relevant Movie/TV Roles: Resident Evil: Apocalypse & Mutant X Pros : She's played both a (doomed) reporter and a person with superpowers, so if she can play both, she's a shoe-in. Plus she's probably the least-known actress on this list, so they can two movies out of her cheap. Cons : While D.C. isn't as star-crazy as Marvel when it co
Read more

5 Actresses Who Deserve a Bigger Break

By
Image
Being the avid movie watcher that I am, I've noticed that more than one talented actress has been passed over for other talent. And by "talent," I mean, "sex tapes that 'accidentally' made it to the Internet." Well, here's one man's humble attempt to rectify the situation. The following ladies are not only talented, but beautiful. Hollywood: get off your ass and give these women more roles. DANIELLE FISHEL Noticeable TV/Movie Appearances: Boy Meets World; both National Lampoon's Dorm Dazes The delightful Ms. Fishel has the distinction of having the weirdest named ever associated with a smart-yet-hot character (or maybe I'm the only one who has a problem saying "Topanga!" whilst in the throes of passion) as well as participating in the death of the National Lampoon Series (I personally thought it died with Chevy Chase's career; who knew?). If you were to use her IMBD page as a reference, the only real fault people seem to hav
Read more