October 23-2008:
Allan Greenspan The Scapegoat For Political Ineptitude!
Former Federal Reserve Chairman Allan Greenspan told a congressional committee today that the current financial crisis was never seen or envisaged in this magnitude. Concerns were raised before by several individuals, and more often than not, these concerns were wrong.
He further stressed that he had access to the best and brightest to work with, but failed to realize that his ideology of letting the market or private business community operate as they see fitting, because they are responsible to their share holders, and would not knowingly operate carelessly.
But the current financial and international crisis validates this mis-conception of his. However, he said he was partially to blame for this collapse.
However, Allan Greenspan was a public servant, hired by the federal government to do a certain task. He does not have political clout or power to make decisions that would impact the national financial institutions, without permission to do so from the president.
Therefore, if adequate regulations were not put in place, or adequate oversight, and failed to notice or highlight any improprieties before they occurred. Then he is not solely to blame for this outcome now.
Derryck.
NYC.
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