[BITList] really!

[realm33 at msn.com]

The chief architects of the current finacial fiasco says..........................

colin t





Greenspan Concedes to `Flaw' in His Market Ideology (Update1) 

By Scott Lanman and Steve Matthews

Oct. 23 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan<http://search.bloomberg.com/search?q=Alan%0AGreenspan&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1> said a ``once-in-a-century credit tsunami'' has engulfed financial markets and conceded that his free-market ideology shunning regulation was flawed. 

``Yes, I found a flaw,'' Greenspan said in response to a grilling from the House Committee on Oversight and Government Reform. ``That is precisely the reason I was shocked because I'd been going for 40 years or more with very considerable evidence that it was working exceptionally well.'' 

Greenspan said he was ``partially'' wrong in opposing regulation of derivatives and acknowledged that financial institutions didn't protect shareholders and investments as well as he expected. Forecasting is an inexact science, he said. 

No Shit...........................................


-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://lists.bcn.mythic-beasts.com/pipermail/bitlist/attachments/20081023/e3d3a5fe/attachment.shtml