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Greenspan “Admits some mistakes”
By Jon Menaster | October 23, 2008
Understatement of the year, from an article over the WSJ:
Grilled by lawmakers examining the causes of the financial crisis, former Federal Reserve Chairman Alan Greenspan on Thursday admitted some mistakes in assumptions about deregulation while rejecting the idea that he is personally responsible for what he termed a “once-in-a-century credit tsunami.”
Hm, so it must have been that other federal reserve board chair that lowered rates to 1% after the dot com bubble burst, allowing banks access to easy money, which they in turn lent back out to anyone and everyone, even the people that shouldn’t have been able to get a loan. Hmph. Funny how all the different Greenspan’s out there all seem to be involved in finance.
Topics: Finance, Money News |