COMMENTARY on Greenspan

*if there was one individual that you could affix blame for the present financial crisis it is with Alan Greenspan, former Federal Reserve Chairman. Today he writes an opinion in the Financial Times disclaiming his own responsibility. Is this guy out of touch or what? And we thought George Bush was the cracker.
If you or I were left in charge of the banking system and made sure your actions/legacy by not doing anything, were to bring down the house so as to propel global capitalism, you and I would be hung out to dry, by his truly.
By all accounts, there were alot of really smart individuals, (just go here to see Greenspans warnings from the head of the Commodities and Futures Trading Commission for one, (he chastised the chairwoman as if she were an ijiot)), that were claiming that the lack of a central clearing house regarding credit default swaps or more transparent regulation over the derivatives marketplace' and proper oversight of the investment banks would lead to disaster. And after that illustrious, MIT PHD' mathematical model genius' hedge fund Long Term Capital Managements demise and our present financial condition, he still doesn't get it.
So I say, Hubris is no defense. Someone should file the next lawsuit at Greenspan himself as the most failed regulator in recent times, maybe since Donald Manes, remember him? He stole all the money from the Parking Meters in NYC and then had the decency to kill himself and save the taxpayers from a costly trial. I am not advocating the slitting of his wrists, but Greenspan at a minimum should just SHUT UP!
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Marion Meneker writes:
What’s amazing about the American public is that the pitchforks come out over the AIG bonuses–the more we learn about them, the clearer it is that Liddy made the right call paying the bonuses and Obama should have gotten out in front and explained why they were justified–but we sit here complacently allowing Greenspan to peddle this hogwash.

The Fed Chairman is a bank regulator. To have the Chairman who presided over the biggest failure of the banking system lecture the world on regulation is breathtaking, not to mention tone deaf. Whatever the complexities of regulating the shadow banking system or supervising the ratings agencies are, acting as if the Fed Chairman bears no responsibility for the excesses that took place on his watch is a recipe for moral decline.

*I couldn't have said it better myself, and thats true!