Greenspan Admits Errors to Hostile House Panel

[Revmitchell]

Alan Greenspan, lauded in Congress while the economy boomed, conceded under harsh questioning from lawmakers that he had made mistakes during his long tenure as Federal Reserve chairman that may have worsened the current slump.

In a four-hour appearance before the House Oversight Committee Thursday, Mr. Greenspan encountered legislators who interrupted his answers, caustically read back his own words from years ago, and forced him to admit that, at least in some ways, his predictions and policies had been wrong.


More Here

 

[Palatka51]

Alan Greenspan, lauded in Congress while the economy boomed, conceded under harsh questioning from lawmakers that he had made mistakes during his long tenure as Federal Reserve chairman that may have worsened the current slump.

In a four-hour appearance before the House Oversight Committee Thursday, Mr. Greenspan encountered legislators who interrupted his answers, caustically read back his own words from years ago, and forced him to admit that, at least in some ways, his predictions and policies had been wrong.


More Here

At least he is man enough to admit it. Can't say too much about Barney Frank or Chris Dodd's masculinity.

 

[Revmitchell]

At least he is man enough to admit it. Can't say too much about Barney Frank or Chris Dodd's masculinity.

Well he had his arm twisted to do so.

 

[LeBuick]

What strikes me odd is why he said he was wrong. In a round about way he seems to hint the problem was not enough regulation. I know this wasn't the entire problem but I believe Greenspan was a big supporter of deregulation.

Returning to Capitol Hill amid a financial crisis rooted in mortgage lending, Mr. Greenspan said he had been wrong to think banks' ability to assess risk and their self-interest would protect them from excesses.

 

[Bro. Curtis]

Isn't Greenspan married to Anrea Mitchell, NBCNews ?

That's why he said it.

 

[Revmitchell]

What strikes me odd is why he said he was wrong. In a round about way he seems to hint the problem was not enough regulation. I know this wasn't the entire problem but I believe Greenspan was a big supporter of deregulation.

As was Barney Frank, and every other Democrat.

http://www.youtube.com/watch?v=_MGT_cSi7Rs

 

[LeBuick]

As was Barney Frank, and every other Democrat.

http://www.youtube.com/watch?v=_MGT_cSi7Rs

And McCain... How long do you want to make this list?

 

[Revmitchell]

And McCain... How long do you want to make this list?

Nope. McCain called for regulation in 2003 and 2005 and the Dems fought it.Sorry for your poor information.


http://www.youtube.com/watch?v=4n5dKztd96k

http://www.govtrack.us/congress/bill.xpd?bill=s109-190

http://www.youtube.com/watch?v=9B2eLquv7_o

 

[Revmitchell]

What strikes me odd is why he said he was wrong. In a round about way he seems to hint the problem was not enough regulation. I know this wasn't the entire problem but I believe Greenspan was a big supporter of deregulation.

He called for regulation on Fannie Mae and Freddie Mac in 2005. Schumer and company fought it.