Here's ThePocketVlog for October 24, 2008.
Don't want to watch the video? Read on then!
Amazingly enough, former Federal Reserve Chairman Alan Greenspan admitted yesterday that trusting the banks to self-regulate was a little bit like trusting a fox to sleep inside the hen house.
I'm paraphrasing, of course. Here's an excerpt from the headlines of today's broadcast of Democracy Now (transcript and entire show available here: http://www.democracynow.org/…/headlines )--it's Alan Greenspan speaking his own words in testimony yesterday on the Hill: "I made a mistake in presuming that the self-interest of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms."
OOPSY!
Looks like deregulation does not, in fact, cause anything bad to happen, it just *allows* bad things to happen when greedy bastards are in charge.
The admission also proves that Alan Greenspan is not a Republican since Republicans are incapable of admitting mistakes.
Mobile post sent by thepete using Utterli. Don't want to watch the video? Read on then!
Amazingly enough, former Federal Reserve Chairman Alan Greenspan admitted yesterday that trusting the banks to self-regulate was a little bit like trusting a fox to sleep inside the hen house.
I'm paraphrasing, of course. Here's an excerpt from the headlines of today's broadcast of Democracy Now (transcript and entire show available here: http://www.democracynow.org/…/headlines )--it's Alan Greenspan speaking his own words in testimony yesterday on the Hill: "I made a mistake in presuming that the self-interest of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms."
OOPSY!
Looks like deregulation does not, in fact, cause anything bad to happen, it just *allows* bad things to happen when greedy bastards are in charge.
The admission also proves that Alan Greenspan is not a Republican since Republicans are incapable of admitting mistakes.
Orignal From: ThePocket Vlog: Alan Admits to Oopsing Economy
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