Greenspan "made a mistake!"

[elleng]

"he former Federal Reserve chairman once considered the infallible maestro of the financial system, admitted on Thursday that he “made a mistake” in trusting that free markets could regulate themselves without government oversight."

http://www.nytimes.com/2008/10/24/business/economy/24panel.html?_r=1&hp&oref=slogin

[louis-t]

1. And these are guys with masters degrees.

Finally waking up after swallowing repug nonsense for so many years. Time for a new repug platform.

[damntexdem]

7. This meltdown is occurring when there are more MBAs out there than ever before.

Many of them having been taught Greenspan's principles.

[Jackpine Radical]

2. Oh, but now they've learned their lesson and regulation would only get in the way

of them regulating themselves.

Fuckhead Greenspan. The guy looks like something Joe the Plumber dislodged with his Roto Rooter.

[Haole Girl]

3. D'uh

:eyes:

[Idealism]

4. Greenspan "made a mistake!"

If you listen to the entire speech, he blames the banks and these companies for not 'thinking about their shareholders,' effectively attempting to lay blame on their CEO's for not caring about the longevity of said corporations, but rather short-term profits. He is severely down-playing his role in this fiasco. It wasn't the CEO's or the american public that asked for him to keep interest rates at 1% for over a year (a 45 year low) that led to this easy credit and subsequent housing boom.

[livelongandprosper]

5. Yep. Humans are famous for self-regulation.

They are so damn good at it.

:sarcasm:

Humans don't do the right thing 90% of the time unless they are forced to do it.
Greenspan is what? 82 years old and he hasn't learned that yet?

[indepat]

6. Proud to have long proffered on the DU board: Greenspan, a name that will live in

infamy. :P

[Warpy]

8. Well, DUH, you Randorrhoid asshole!

That "invisible hand" is for people who still believe in the Tooth Fairy. Even Adam Smith acknowledged that regulation was necessary to keep the thieves out.

I don't know why the hell those fools thought the regulations were there in the first place! Are they so incredibly stupid as to think Democrats enacted them out of boredom?

[elleng]

9. Warpy, they KNEW why they were there;

they decided to give it all over to their 'friends,' to hell with the public interest.

[Warpy]

11. That's not my reading, at all

In the beginning, at least, they were absolutely convinced that easing regulations would make honest businesses more profitable and that business would stay honest, if only out of habit.

Only when the easy money started to roll in during the 90s did they decide to go all the way. Greed took over for common sense and simple decency.

[Creationismsucks]

10. I don't know enough about economics

to be anything beyond agostic, but I have a few Rand-ite friends who I'm guessing will still not concede any problem whatsoever with unregulated markets.

[elleng]

13. What we get with 'unregulated markets'

is humans doing their selfish things, to their utmost, conflicting with one another, etc., with NO CONCERN at all for the public interest.

[IndianaJohn]

12. Ya Think?!!?/!!?

This is what happens when there is less regulation. PLAIN & SIMPLE!
Ayn Rand = Objectivism = Materialism = Greed = People will do whatever possible to get/make more