Pointing the Finger at Greenspan

It seems that the markets are looking for a fall guy on the crisis and Greenspan is that person to take the blame.

If Mr. Greenspan had acted differently during his tenure as Federal Reserve chairman from 1987 to 2006, many economists say, the current crisis might have been averted or muted.

Over the years, Mr. Greenspan helped enable an ambitious American experiment in letting market forces run free. Now, the nation is confronting the consequences

I have heard that Greenspan is at fault for what is going on but how much of that fault reside only with him.

It seems that his years of stopping regulation is the blame that is falling on him but it's congress the one that allowed the deregulation after all?

Perhaps because is election year congress and the government wants to blame everybody but themselves.

www.nytimes.com...

Rightfully so. History is already and will continue to demonize him.

But he's not the only one here at fault.

Really, what can be said other than we, the American People, are as much to blame. We, too, were drunk on credit -- unaffordable houses, flat screen plasma t.v.'s for every room, loans for vacations, loans for top-of-the-line cars and SUVs. You name it, our spending spree on borrowed money is a lot of what has been packaged and shipped over seas as "investments."

I agree but guess what the perpetuation of the credit merry go around will be cemented with the government bail out.

If we are to learn for our own personal mistake we will try at least not to commit the same mistake again right?

But then why financial institutions are been bailed out so they can keep borrowing the nation to the ground alone with their already indepted citizens?

Because that is how they can own no only your life but also your soul.

[edit on 10-10-2008 by marg6043]

I always thought of Greenspan as "The Devil" because if Satan came to earth, he'd have to be in charge of something and being in charge of the Interest Rate and the US Dollar (being the Fed Chairman) is being in charge of the world.

Maybe this new devil is just calling in contracts, eh?

Cuhail