Alan Greenspan was the perfect example of a belief system blinding someone, badly, and unrealistically. His belief system was so unrealistic that he simply ignored many obvious warning signs.
love how they flirt with the idea that commercial real estate loans has anything to do with fannie and freddie which came late to the game. the stats are minuscule in comparison.
I hope this book covers more of Greenspan's background as a more of a glad-hander cheerleader of people in power in finance: like his famous walk-on part in S&L collapse?
Oh God... you read through the material PBS put together on the interaction between Greenspan and Borne, that was in no way a reasonable handling of the issues by a man prepared to part with his ideology.
But does the regulation they tried to introduce in 2001 come close to the deregulation of the late 80’s that allowed for the cultivation of derivatives and the trading of sub prime mortgages?
Sebastian Mallaby's book might be good & can't wait to read it. But can't buy his generous assessments of Greenspan, Rubin, Summers et al in his chat with Johnson. First, Brooksley Born fought for, didn't just 'suggest' that derivatives be regulated. The office full of top bankers fought back, not because of they thought the Congress wouldn't pass a reg bill -- that's absurd. Summers, Greenspan crushed derivatives reg. because a paper trail on deals would make the shady ones much harder to get away with; & because it would slow down an oily fast process. Second, Mallaby says Greenspan couldn't do anything ahead of time. Garbage. Greenspan put his face on TV repeatedly saying the markets were working just right as recently as 2006. So if he knew that it was a ponzi scheme, he could have testified or spoken out to say 'we've got to take action' & he would have been heard absolutely. Greenspan didn't announce the coming trouble because he did not want to prevent his Wall Street friends from collecting great return in the short term. Goldman, after all, got out just before the collapse of the housing market. Note what Shelia Bair says -- these good ol boys are either lying or protecting their friends when they say they no authority. They didn't want to cut off the money machine. Bair and Born are the only two you can trust on these sleazy tale. It is preposterous to even suggest that the Fed lacked tools. Speaking out could have been the Fed's most powerful tool. But the Fed was and is populated by MEN who either came from industry, or who were on their way back to it, and they saw the financial game as the sport of their own friends, and couldn't bear to make things difficult for them.
The failure was inevitable and visible when they sawed off financial market regulations! It was done deliberately and those who designed it got what they wanted.
Great interview! Thank you!
Alan Greenspan was the perfect example of a belief system blinding someone, badly, and unrealistically. His belief system was so unrealistic that he simply ignored many obvious warning signs.
Did he not admit he got it wrong ? They seem just as clueless today.
Not clueless, just conveniently "clueless"
Safe to say I'll be buying the book.
love how they flirt with the idea that commercial real estate loans has anything to do with fannie and freddie which came late to the game. the stats are minuscule in comparison.
I hope this book covers more of Greenspan's background as a more of a glad-hander cheerleader of people in power in finance: like his famous walk-on part in S&L collapse?
Another Jewish European, with untraceable back ground, escaped NAZI Germany?
Probably a simple tanner?
Dynamic programming around an unknown equilibrium
Oh God... you read through the material PBS put together on the interaction between Greenspan and Borne, that was in no way a reasonable handling of the issues by a man prepared to part with his ideology.
The Man who had no Clue
no Kindle edition available yet.... come on Amazon
He didn’t let the market operate as it should, by allowing the market to fail, all of it. Greenspan looked after Wall st and his future.
So what? Everybody knows these days and nobody really does anything. Humanity did it to itself.
Greenspan was saxophone player who was happy to rub elbows with elites.
The Fannie Mae & Freddie Mac so called "marketing" example to influence congress sounds more like something a criminal organization would do.
max headroom lives!
But does the regulation they tried to introduce in 2001 come close to the deregulation of the late 80’s that allowed for the cultivation of derivatives and the trading of sub prime mortgages?
2017 was a epic inflation wave 🌊
2018 QT
2019 Reverse Repo Crisis
2020 Pandemic Bailout
2021 Great Inflation Part 2
2022 QT Part 2
2023 Pending…
See Greenspan's admission of a "flaw" in the last minute of this short 5 min. clip: ruclips.net/video/WJaW32ZTyKE/видео.html
The Man Who Knew. . . But not the man who acted
Sebastian Mallaby's book might be good & can't wait to read it. But can't buy his generous assessments of Greenspan, Rubin, Summers et al in his chat with Johnson. First, Brooksley Born fought for, didn't just 'suggest' that derivatives be regulated. The office full of top bankers fought back, not because of they thought the Congress wouldn't pass a reg bill -- that's absurd. Summers, Greenspan crushed derivatives reg. because a paper trail on deals would make the shady ones much harder to get away with; & because it would slow down an oily fast process. Second, Mallaby says Greenspan couldn't do anything ahead of time. Garbage. Greenspan put his face on TV repeatedly saying the markets were working just right as recently as 2006. So if he knew that it was a ponzi scheme, he could have testified or spoken out to say 'we've got to take action' & he would have been heard absolutely. Greenspan didn't announce the coming trouble because he did not want to prevent his Wall Street friends from collecting great return in the short term. Goldman, after all, got out just before the collapse of the housing market.
Note what Shelia Bair says -- these good ol boys are either lying or protecting their friends when they say they no authority. They didn't want to cut off the money machine. Bair and Born are the only two you can trust on these sleazy tale.
It is preposterous to even suggest that the Fed lacked tools. Speaking out could have been the Fed's most powerful tool.
But the Fed was and is populated by MEN who either came from industry, or who were on their way back to it, and they saw the financial game as the sport of their own friends, and couldn't bear to make things difficult for them.
Lighting is good up until they failed to adjust it for the talent.
hope the book is not too pricy to deliver in Germany
Dimitar Drenkarov
@@gye-richung789 ...
oh yes he did. when did he get out 🤔🤔
Dustin Hoffman doing interviews now?
Wagging the dog
Coments are still on wow
So he was like a puppet, unable to act on his own.
The failure was inevitable and visible when they sawed off financial market regulations!
It was done deliberately and those who designed it got what they wanted.
"One reason may be the limited tools available to the Fed." Hog-wash and propaganda.
Or unlimited finds to buy hire a google # of jokers
Same shit today’s fed reserve board chairman. Same patterns