Waxman to Greenspan: Were You Wrong?

(Part 1 of 2 of Chairman Waxman's questioning of Alan Greenspan)
Today, the Oversight Committee held a hearing titled, The Financial Crisis and the Role of Federal Regulators." The hearing examined the roles and responsibilities of federal regulators in the current financial crisis.
Testifying:
Alan Greenspan, former Chairman, Federal Reserve
John Snow, former Secretary of the Treasury
Christopher Cox, Chairman, Securities and Exchange Commission
For more information about the hearing visit:
oversight.house.gov/story.asp?...

[@cooplag4927]

I remember watching this hearing live on C-SPAN. After much heming and hawing, Greenspan finally admitted that he had been "wrong" in the sense that he could not believe that "people" (i.e. Wall Street bankers and subprime lenders) "... would act against their own self interest." Paraphrasing, "I didn't think that was possible."
That was Mr. Greenspan's back handed way of saying, "Hey, none of this was my fault. It was those idiot bankers who made all those bad loans."

[@metallicmonkey4519]

This is all because of their religion. At least some form of regulation is always needed.

[@jtjones4081]

“The size of the problem” is the problem Alan?? Yeah, I’d say so, the amount of fraud you never suspected was enough to bring the entire world economy to its knees. This is what happens when academics who don’t live in the real world make policy. The mafia would have never let debt like this pile up as they understand human nature better than the eggheaded professor

[@brianv5677]

Here is the lesson... whether it be junk bonds, savings and loan crisis, credit default swaps, etc. When Congress fails to regulate financial markets (either because of deregulation or new financial instruments), financial institutions will, almost without fail, create a crisis so that they can exploit the loophole(s) and make profit. For Greenspan to think the markets would "self-regulate" is pure fantasy and naivety.

[@herashak]

I guess the problem was that the 'Finest Fed Official' had the wrong Ph.D dissertation?

[@WInnerwinnerchickendinner.]

It was fine the first day it came out.Then the audio was altere after that.Strange.

[@DJunclepaul2nd]

Only 11 comments..... Speaks volumes 😕

[@opa-age]

HOW ABOUT FANNIE AND FREDDIE???

[@ReligionIsSophistry]

OMG! I do too and have since the first time I saw him back in the 80s... at the time, I was not even sure who he was but I know I hated him. I have had that reaction a few times over my life and they always turned out to be horrible people, but I never find out until much later.

[@bbegins10]

sound on this is terrible

[@RafaReyes]

3:37

[@3oMethylmorphine]

Sounds like a skipping CD. I can't understand a word that is being said.
Can you please re-upload this?
The look on his face alone almost tells the story. The false philosophy of laissez-faire capitalism that he believed in for decades exploded in his face.