Greenspan admits market system is flawed - Yahoo!7 News
Interesting Congressional hearing. Alan Greenspan states how the very principals on which the current financial system is based is deeply flawed.
So much for the people at the top knowing what they are doing. Now, the opinion is that regulatory agencies contributed to the fall by having infinite trust in the free markets. Obviously, they were wrong. The statements from the officials today present the case where the world will look more like the system we had in the socialist countries than the one we had in the capitalist ones.
Government is already buying large banks, insurance companies, and is preparing to bail out home mortgages.
a flaw in the model that I perceived is the critical functioning structure that defines how the world works
Interesting Congressional hearing. Alan Greenspan states how the very principals on which the current financial system is based is deeply flawed.
Greenspan said that the current crisis had "turned out to be much broader than anything that I could have imagined".
So much for the people at the top knowing what they are doing. Now, the opinion is that regulatory agencies contributed to the fall by having infinite trust in the free markets. Obviously, they were wrong. The statements from the officials today present the case where the world will look more like the system we had in the socialist countries than the one we had in the capitalist ones.
Government is already buying large banks, insurance companies, and is preparing to bail out home mortgages.
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