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Too Late, Asshole

Greenspan finally realizes that mebbe he was wrong.

Accused of contributing to the meltdown, but denying that it was his fault, Greenspan told a House panel the crisis left him - an unabashed free-market advocate - in a "state of shocked disbelief."

The longtime Fed chief acknowledged under questioning that he had made a "mistake" in believing that banks in operating in their self-interest would be sufficient to protect their shareholders and the equity in their institutions. Greenspan called it "a flaw in the model that I perceived is the critical functioning structure that defines how the world works."

They did exactly what you expected them to do - acted in their self-interest, which doesn't necessarily require the best interests of the shareholders. They got their hefty bonuses, their huge termination packages, the ridiculous salaries, and all they needed to do was keep manipulating the numbers long enough for them to make their money and get the hell out before the roof caved in.

You, Alan Greenspan, are either a moron or a liar when you say you didn't know this would happen. I'm sure Dean Baker or Paul Krugman could have clued you in to what your policies would lead to if you had had the brains or the inclination to listen. Hell, i prolly could have given you a decent run down using sock puppets. Twat.

By min | October 23, 2008, 1:24 PM | Liberal Outrage


Yeah, i've been hitting "refresh" on Baker's site, waiting for a reaction to this.

At least he's admitting his mistake and not blaming Fannie Mae and Acorn or something.