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155 comments on DrumBeat: September 29, 2007

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ilargi on September 29, 2007 - 9:47am Permalink | Subthread | Comments top

Two weeks ago, Greenspan said: "I really didn't get it until very late in 2005 and 2006."

Now he admits he did know, but attempts to claim that hedge funds are more powerful than the Federal Reserve or the Bank of England, which have no control over 'real' interest rates?! Huh?

Greenspan denies regulators were unaware

In an interview with BBC Radio 4's Today programme, Mr Greenspan said it was inevitable the house price bubble would burst and said central banks such as the Bank of England had no control over 'real' interest rates.

On the current financial market turmoil sparked by a collapse in the risky US mortgage sector, Greenspan said he had little sympathy for the hedge fund community which was 'presumably the largest culprit' behind it.

He said: 'We did know what was going on and the reason we didn't stop them was that to a large extent these types of questionably egregious actions are taken by people who have their own money invested.'

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CEOJr1963 on September 29, 2007 - 4:58pm Permalink | Subthread | Parent | Comments top

In other words, "If they lost their shirts they knew why and for how much they'd loss them, why bother telling them not to do something like that." What that does not say is that These guys got others to invest and those others knew nothing about the bad methods of the Original Players. Greenspan is washing his hands of the pain his actions caused, by saying his actions only would have hurt those willing to get hurt.

Which in a way says that anyone willing to put money in the markets must be willing to get hurt by that action.

"Honest officer, Just because I killed all those people walking on the sidewalk, does not mean that all those people on the sidewalk did not make themselves prone to death because there are drivers like me living in their city willing to use the sidewalk as a road. You should let me go and get back to driving. "

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155 comments on DrumBeat: September 29, 2007

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