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Greenspan needs glasses, employment data surprise consensus economists, stocks tank
Re: Greenspan needs glasses, employment data surprise consensus economists, stocks ta
Mr Greenspan admitted that he was slow to realise the extent of questionable practices taking place in the subprime mortgage lending market, such as selling adjustable rate mortgages with low teaser rates without adequately explaining what would happen when the full interest rate kicked in.
“While I was aware a lot of these practices were going on, I had no notion of how significant they had become until very late,” he told CBS. “I really didn’t get it until very late in 2005 and 2006.”
Re: Greenspan needs glasses, employment data surprise consensus economists, stocks ta
Frankly I can't understand why everyone is dumping on the Greenspam. It may have taken him a while but once he finally figured it out he should be given full credit for being smart enough to take the best course of action. Retirement.
Former Federal Reserve chairman Alan Greenspan compares the current financial market turbulence to prior crises that have engulfed stock markets and the US
AMERICA’s elder statesman of finance, Alan Greenspan, has shaken the White House by declaring that the prime motive for the war in Iraq was oil.
In his long-awaited memoir, to be published tomorrow, Greenspan, a Republican whose 18-year tenure as head of the US Federal Reserve was widely admired, will also deliver a stinging critique of President George W Bush’s economic policies.
However, it is his view on the motive for the 2003 Iraq invasion that is likely to provoke the most controversy. “I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil,” he says.
Greenspan, 81, is understood to believe that Saddam Hussein posed a threat to the security of oil supplies in the Middle East.
Re: Greenspan needs glasses, employment data surprise consensus economists, stocks ta
Alan Greenspan claims Iraq war was really for oil
Greenspan, 81, is understood to believe that Saddam Hussein posed a threat to the security of oil supplies in the Middle East.
After the Schwartzkopf shellacing the only way Saddam could have threatened Middle East oil supplies would have been to set fire to his own wells. Greenspan's abysmal track record and recent propensity to recast his own past behaviour should make everyone highly sceptical of any of his pronouncements. This is a man who claims he can't see a bubble until it bursts in his face, now deplores the same tax cuts he supported publicly, and professes he didn't know there were shenanigans bordering on criminal going on in his own nation's mortgage market. He doesn't have any idea what he is talking about when it comes to the complexities of Iraq and global oil politics.
He probably thinks Afghanistan is all about freeing women from burqas...
Last edited by GRG55; September 17, 2007, 08:06 AM.
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