Thursday, October 23, 2008
Greenspan admits he was wrong . . . "partially"
Well, even Greenspan has to admit he was wrong sometimes, it seems. He's apparentley "in a state of shocked disbelief" over the credit crisis and is even willing to acknowledge now that, ya know, some things actually should be regulated. So, if the Old Sage of the Fed has actually admitted the need for some regulation, I'd say there's a good chance that we'll get some regulation. But maybe not "too much" . . . After all, he only admitted to being "partially" wrong . . .
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And I still find myself flabbergasted that someone decided selling loans made sense. On top of all the other bad decisions, my common sense is screaming at me if these bad loans had been stuck with the idiots who financed them, it would be a lot easier to let the market sort itself out.
Dave Ramsey had a great rant this morning about some article he found bemoaning the fact that the credit industry would go back to 70s standards when banks insisted you have a job, down payment, and a good payment history before giving you any money. Ramsey, anti-debt guy that he is, didn't see it as a bad thing compared to the age of excess... and away he went.
Sometimes, he irritates me (and I really miss Coast to Coast AM which used to be in the slot) but I really want to throw all the deregulation-is-GREAT people in a room with him and let him go. My money's on Ramsey.
Everywhee I go we are talking about the crisis... What is next? :| A tornado running from Canada to the far east and then thunderstorm across the rest of the world?
Chomsky on the economy.
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