http://www.freerepublic.com/tag/greenspan/ en-us Mon, 10 Nov 2008 14:39:15 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2129362/posts Link only due to FR policy. Bloomberg via Ron Paul News http://www.freerepublic.com/focus/f-news/2129362/posts#comment Mon, 10 Nov 2008 14:39:15 GMT http://www.freerepublic.com/focus/f-news/2129291/posts Ayn Rand recognized a common pattern in the growth of political power: The enemies of liberty blame the free market for economic problems caused by government interference, then use those problems as a pretext for yet more political controls. Much of Rand’s prescient novel “Atlas Shrugged” revolves around that cycle. Now Rand’s critics sound exactly like the villains of Atlas. They wouldn’t attack her if they didn’t recognize her as a barrier to their grand central plans. Recently Alan Greenspan fueled the Rand hunt. In an Oct. 23 statement to a Congressional committee, Greenspan said he had “found a flaw”... Grand Junction [Col.] Free Press http://www.freerepublic.com/focus/f-news/2129291/posts#comment Mon, 10 Nov 2008 12:34:17 GMT http://www.freerepublic.com/focus/f-news/2113967/posts WASHINGTON -- Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied yesterday that the nation's economic crisis was his fault but conceded that the meltdown had revealed a flaw in a lifetime of economic thinking and left him in a "state of shocked disbelief." Greenspan, who stepped down in 2006, called the banking and housing chaos a "once-in-a-century credit tsunami" that led to a breakdown in how the free-market system works. He warned that things will get worse before they get better, with rising unemployment and no stabilization in housing prices for "many months." Gloomy economic reports backed him... Columbus Dispatch & AP http://www.freerepublic.com/focus/f-news/2113967/posts#comment Fri, 24 Oct 2008 12:40:44 GMT http://www.freerepublic.com/focus/f-news/2113887/posts Alan Greenspan, the former Federal Reserve chairman, said on Thursday the credit crisis had exceeded anything he had imagined and admitted he was wrong to think that banks would protect themselves from financial market chaos. “I made a mistake in presuming that the self-interest of organisations, specifically banks and others, was such that they were best capable of protecting their own shareholders,” he said. In the second of two days of tense hearings on Capitol Hill, Henry Waxman, chairman of the House of Representatives, clashed with current and former regulators and with Republicans on his own committee over blame for... FT.com http://www.freerepublic.com/focus/f-news/2113887/posts#comment Fri, 24 Oct 2008 10:05:20 GMT http://www.freerepublic.com/focus/f-news/2113306/posts <p>Federal regulators told Congress Thursday they're working on a plan that could help many distressed homeowners escape foreclosure in a global financial crisis that Federal Reserve Chairman Alan Greenspan warned will get worse before it gets better.</p> <p>Greenspan called the banking and housing chaos a "once-in-a-century credit tsunami" that led to a breakdown in how the free market system functions.</p> AP http://www.freerepublic.com/focus/f-news/2113306/posts#comment Thu, 23 Oct 2008 17:24:45 GMT http://www.freerepublic.com/focus/f-news/2113372/posts WASHINGTON – Federal regulators told Congress Thursday they're working on a plan that could help many distressed homeowners escape foreclosure in a global financial crisis that Federal Reserve Chairman Alan Greenspan warned will get worse before it gets better. Greenspan called the banking and housing chaos a "once-in-a-century credit tsunami" that led to a breakdown in how the free market system functions. Accused of contributing to the meltdown, but denying that it was his fault, Greenspan told a House panel the crisis left him — an unabashed free-market advocate — in a "state of shocked disbelief." ... The longtime Fed... AP http://www.freerepublic.com/focus/f-news/2113372/posts#comment Thu, 23 Oct 2008 18:57:51 GMT http://www.freerepublic.com/focus/f-news/2113214/posts WASHINGTON (Reuters) – Former U.S. Federal Reserve Chairman Alan Greenspan told Congress on Thursday he is "shocked" at the breakdown in U.S. credit markets and said he was "partially" wrong to resist regulation of some securities. Despite concerns he had in 2005 that risks were being underestimated by investors, "this crisis, however, has turned out to be much broader than anything I could have imagined," Greenspan said in remarks prepared for delivery to the House of Representatives Committee on Oversight and Government Reform. "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity (myself... Reuters on Yahoo http://www.freerepublic.com/focus/f-news/2113214/posts#comment Thu, 23 Oct 2008 15:53:10 GMT http://www.freerepublic.com/focus/f-news/2102350/posts Some people don’t like the concept of blame. They view it as useless because it wastes time in looking for a solution. I will tell you differently. Blame is useful because it identifies offenders, which is the first step in eliminating the problem. The trouble is that few have the stomach to get rid of the offenders. So, as I traveled home from prayer meeting with my children last night, we listened to a radio show discussing the current credit crisis. This was a good discussion, unlike many that I hear. But the discussion (on NPR) eventually focused on “who... Seeking Alpha http://www.freerepublic.com/focus/f-news/2102350/posts#comment Fri, 10 Oct 2008 16:08:07 GMT http://www.freerepublic.com/focus/f-news/2101793/posts “Not only have individual financial institutions become less vulnerable to shocks from underlying risk factors, but also the financial system as a whole has become more resilient.” — Alan Greenspan in 2004 George Soros, the prominent financier, avoids using the financial contracts known as derivatives “because we don’t really understand how they work.” Felix G. Rohatyn, the investment banker who saved New York from financial catastrophe in the 1970s, described derivatives as potential “hydrogen bombs.” And Warren E. Buffett presciently observed five years ago that derivatives were “financial weapons of mass destruction, carrying dangers that, while now latent, are potentially... NYT http://www.freerepublic.com/focus/f-news/2101793/posts#comment Thu, 9 Oct 2008 23:14:02 GMT http://www.freerepublic.com/focus/f-news/2097781/posts When credit markets seize up, when financial instruments disintegrate, when the dollar fails -- it's not because Alan Greenspan was not sufficiently omniscient. He wasn't, true. But no one ever was. No one ever could be.If capitalism depends on designating a person of godlike abilities to manage demand and supply for all forms of money and credit -- currency, demand deposits, money-market funds, repurchase agreements, equities, mortgages, corporate debt -- we are as doomed as those wretched citizens who relied on central planning for their economic salvation The Wall Street Journal http://www.freerepublic.com/focus/f-news/2097781/posts#comment Sun, 5 Oct 2008 03:43:28 GMT http://www.freerepublic.com/focus/f-news/2091382/posts It’s been raised as a possibility and was even dismissed by former President Bill Clinton, however Senate Majority Whip Richard Durbin, D-Ill., said former Federal Reserve Chairman Alan Greenspan is partially at fault for the current economic crisis. According to Durbin, speaking at the Center for American Progress Headquarters in Washington, D.C. on Sept. 26, said it was Greenspan’s support of the 2001 Bush tax cuts and his reluctance to use regulatory authority to slow down subprime lending. “I can’t stand here in defense of Alan Greenspan,” Durbin said. “He was also the man who rationalized the Bush tax cuts... businessandmedia.org http://www.freerepublic.com/focus/f-news/2091382/posts#comment Fri, 26 Sep 2008 22:23:36 GMT http://www.freerepublic.com/focus/f-news/2089823/posts It is now consensus that Fannie Mae and Freddie Mac are at the heart of the systemic meltdown we are seeing in the mortgage market. They are costing taxpayers billions through their own bailouts and through the role they played in fueling an artificial mortgage boom.But eight years ago, when I testified before Congress that Fannie Mae and Freddie Mac's "special privileges create a serious hazard to the market, to taxpayers (and) to the economy," my criticism of these sacred financial entities was met with ridicule. At the hearing on June 21, 2000, before the House Financial Services Committee, I... IBD Editorials http://www.freerepublic.com/focus/f-news/2089823/posts#comment Thu, 25 Sep 2008 01:17:25 GMT http://www.freerepublic.com/focus/f-bloggers/2088596/posts Whatever we do, it will be wrong It's time to start thinking about digging out from this crumbled financial house of cards. With heaps of blame to go around, it's clear that past policies won't help. By Bill Fleckenstein This is one of the most extraordinary periods in U.S. financial history. Given the widespread recounting of the details, what I would like to focus on instead are the major takeaways. The first is something I began writing about in June 2007, that we had crossed over from "too big to fail" to "too big to bail out." A house of... Money Central http://www.freerepublic.com/focus/f-bloggers/2088596/posts#comment Tue, 23 Sep 2008 17:14:28 GMT http://www.freerepublic.com/focus/f-news/2088382/posts When Sen. Chris Dodd (D-CT) gavels in the Senate Banking Cmte., he is expected to pro- pose changes to the Bush admin.'s $700 billion intervention in the financial markets. Witnesses include Sec. of Treasury Henry Paulson; Ben Bernanke, Chair of the Federal Reserve System; and others C-Span http://www.freerepublic.com/focus/f-news/2088382/posts#comment Tue, 23 Sep 2008 12:19:04 GMT http://www.freerepublic.com/focus/f-chat/2086976/posts An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense - perhaps more clearly and subtly than many consistent defenders of laissez-faire - that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other. In order to understand the source of their antagonism, it is necessary first to understand the specific role of gold in a free society. 321Gold http://www.freerepublic.com/focus/f-chat/2086976/posts#comment Sun, 21 Sep 2008 10:31:48 GMT http://www.freerepublic.com/focus/f-news/2086814/posts Back in 2002, when his reputation as “The Man Who Saved the World” was at its peak, Alan Greenspan, former chairman of the Federal Reserve, came to Britain to pick up his knighthood. His biggest fan, Gordon Brown, now the UK prime minister, had ensured that the citation said it was being awarded for promoting “economic stability”. During his trip, Mr Greenspan visited the Bank of England’s monetary policy committee. He told them the US financial system had been resilient amid the bursting of the internet bubble. Share prices had halved and there had been massive bond defaults, but no... FT http://www.freerepublic.com/focus/f-news/2086814/posts#comment Sun, 21 Sep 2008 00:43:12 GMT http://www.freerepublic.com/focus/f-news/2085452/posts Barney Frank just threw Alan Greenspan under the bus. Frank essentially states that if only Alan Greenspan had taken the authority given to him back in 1994, and exercised it like Ben Bernanke did in 2006 we wouldn't have the mess we have today. Yes, you read that right - Barney Frank said the Clinton Fed Chair Greenspan screwed up, and the Bush Fed Chair did things right. In other news, snow is reported to be falling in Hell; Lucifer is perplexed! Charlie Rose Show http://www.freerepublic.com/focus/f-news/2085452/posts#comment Fri, 19 Sep 2008 00:26:36 GMT http://www.freerepublic.com/focus/f-bloggers/2085236/posts Democrats and the MSM are pointing to John McCain's vote for the Financial Services Modernization Act of 1999 (S. 900, Gramm-Leach-Bliley) as evidence that he contributed to the recent financial collapse of Lehman Brothers, AIG, et. al. The truth is that Alan Greenspan, then Chairman of the Federal Reserve Board, and Donna Tanoue, then Chairman of the FDIC, not only supported the legislation but testified in front of the Senate Committee that the legislation was essential for economic growth and absolutely necessary. Read the Senate Committee Report at http://thomas.loc.gov/cgi-bin/cpquery/?&dbname=cp106&sid=cp1064MJzX&refer=&r_n=sr044.106&item=&sel=TOC_12543& President Clinton signed the bill into law on November 12, 1999.... US Senate http://www.freerepublic.com/focus/f-bloggers/2085236/posts#comment Thu, 18 Sep 2008 18:34:50 GMT http://www.freerepublic.com/focus/f-news/2084555/posts The People Responsible for Fannie Mae and Freddie Mac By Bill Mann, Seth Jayson, Tim Hanson, Nate Weisshaar and Keith Beverly September 10, 2008 Comment (33) Recommend (91) It was a wise man who noted that the only corporate structure more insidious than a government-sponsored monopoly is a government-sponsored and investor-owned monopoly. In the end, as Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) have now so painfully proved, trying to serve the master of public policy while generating returns for investors will lead to disaster. Fannie and Freddie collapsed because they were part and parcel of the widespread... Motley Fool http://www.freerepublic.com/focus/f-news/2084555/posts#comment Wed, 17 Sep 2008 19:54:25 GMT http://www.freerepublic.com/focus/f-news/2082360/posts The United States is mired in a "once-in-a century" financial crisis which is now more than likely to spark a recession, former Federal Reserve chief Alan Greenspan said Sunday. The talismanic ex-central banker said that the crisis was the worst he had seen in his career, still had a long way to go and would continue to effect home prices in the United States. "First of all, let's recognize that this is a once-in-a-half-century, probably once-in-a-century type of event," Greenspan said on ABC's "This Week." Asked whether the crisis, which has seen the US government step in to bail out... Brietbart.com http://www.freerepublic.com/focus/f-news/2082360/posts#comment Sun, 14 Sep 2008 21:11:39 GMT http://www.freerepublic.com/focus/f-news/2082137/posts WASHINGTON - Alan Greenspan says the country can't afford tax cuts of the magnitude proposed by Republican presidential contender John McCain — at least not without a corresponding reduction in government spending. "Unless we cut spending, no," the former Federal Reserve chairman said Friday when asked McCain's proposed tax cuts, pegged in some estimates at $3.3 trillion. "I'm not in favor of financing tax cuts with borrowed money," Greenspan said during an interview with Bloomberg Television. "I always have tied tax cuts to spending." AP via MSNBC http://www.freerepublic.com/focus/f-news/2082137/posts#comment Sun, 14 Sep 2008 14:09:50 GMT http://www.freerepublic.com/focus/f-news/2081930/posts CHICAGO (Reuters) - Presidential candidate Barack Obama's campaign on Saturday seized on comments from former Federal Reserve Chairman Alan Greenspan, who questioned the affordability of broad new tax cuts. Greenspan told Bloomberg News he was "not in favor of financing tax cuts with borrowed money" when asked if the United States could afford big tax cuts such as those proposed by Republican John McCain. Reuters http://www.freerepublic.com/focus/f-news/2081930/posts#comment Sun, 14 Sep 2008 02:25:30 GMT http://www.freerepublic.com/focus/f-news/2081803/posts WASHINGTON – Alan Greenspan says the country can't afford tax cuts of the magnitude proposed by Republican presidential contender John McCain — at least not without a corresponding reduction in government spending. "Unless we cut spending, no," the former Federal Reserve chairman said Friday when asked about McCain's proposed tax cuts, pegged in some estimates at $3.3 trillion. "I'm not in favor of financing tax cuts with borrowed money," Greenspan said during an interview with Bloomberg Television. "I always have tied tax cuts to spending." McCain has said that he would offset his proposed cuts — including reducing the corporate... AP / Yahoo front page http://www.freerepublic.com/focus/f-news/2081803/posts#comment Sat, 13 Sep 2008 22:05:37 GMT http://www.freerepublic.com/focus/f-news/2040982/posts The end of the superbubble That sound you hear is the popping of a financial bubble in housing, the economy and the market. And you can trace it all to Alan Greenspan's Federal Reserve. By Bill Fleckenstein Reading the papers, it's quite clear that the enormity of the problems facing Americans (and the world, for that matter) has emerged to the fore. Consequently, I decided a quick recap of our troubles might be useful. There is a budding realization that the housing bubble's collapse will be more difficult than the masses and Wall Street had believed. You could see this... MSN Money http://www.freerepublic.com/focus/f-news/2040982/posts#comment Sat, 5 Jul 2008 04:51:44 GMT http://www.freerepublic.com/focus/f-news/2030962/posts Greenspan sees Fed getting tough on inflation By Chris Aspin and Jason Lange Fri Jun 13, 5:06 PM ET Former U.S. Federal Reserve Chairman Alan Greenspan said on Friday the Fed will have to tighten monetary policy to put a brake on inflation, adding that the worst of the credit crisis may have passed. Growing price pressures have led the U.S. central bank to recently shift to more aggressive anti-inflation rhetoric, and expectations are rising that policymakers will raise benchmark U.S. interest rates within months. "If you're going to keep inflation rates down ... the Federal Reserve is going to... Reuters via Yahoo http://www.freerepublic.com/focus/f-news/2030962/posts#comment Sat, 14 Jun 2008 05:06:43 GMT