waxman blames "genius" greenspan for sub prime
Posted: Thu Oct 23, 2008 12:19 pm
this "genius" should just STFU and retire somewhere quiet..
Financial crisis 'like a tsunami'
Mr Greenspan headed the Fed until 2006
Former Federal Reserve chairman Alan Greenspan has called the recent turmoil in the global financial markets a "once in a century credit tsunami".
Speaking before Congress, Mr Greenspan, who stood down as Fed chairman in 2006 after 18 years, said he expected the US unemployment rate to jump sharply.
He added that recovery in the US housing market was "many months" away.
Returning to the crisis in the banking sector, he said he had been left in "a state of shocked disbelief".
Mr Greenspan made the comments to the House of Representatives Committee on Oversight and Government Reform.
Committee chairman Henry Waxman, a Democrat, suggested that Mr Greenspan had added to the problem by rejecting calls for the Fed to regulate the sub-prime sector.
"The list of regulatory mistakes and misjudgments is long," Mr Waxman said.
http://news.bbc.co.uk/1/hi/business/7687101.stm
Financial crisis 'like a tsunami'
Mr Greenspan headed the Fed until 2006
Former Federal Reserve chairman Alan Greenspan has called the recent turmoil in the global financial markets a "once in a century credit tsunami".
Speaking before Congress, Mr Greenspan, who stood down as Fed chairman in 2006 after 18 years, said he expected the US unemployment rate to jump sharply.
He added that recovery in the US housing market was "many months" away.
Returning to the crisis in the banking sector, he said he had been left in "a state of shocked disbelief".
Mr Greenspan made the comments to the House of Representatives Committee on Oversight and Government Reform.
Committee chairman Henry Waxman, a Democrat, suggested that Mr Greenspan had added to the problem by rejecting calls for the Fed to regulate the sub-prime sector.
"The list of regulatory mistakes and misjudgments is long," Mr Waxman said.
http://news.bbc.co.uk/1/hi/business/7687101.stm