Word: greenspan
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Roger Lowenstein on former Fed Chairman Alan Greenspan: "Greenspan's was a Rousseauean vision of markets as untainted social organisms--evolved, as it were, from a state of nature. (It overlooked the obvious point that markets were also human constructs--made...
...requirements is vital to creating a more stable financial system. During the financial crisis, plummeting assets and the consequential market panic caused almost every major bank to fear for its solvency. Had there been more stringent capital requirements, banks would not have been in such dire trouble. As Alan Greenspan notes in his recent paper on the crisis, while requirements should not be onerous, they should leave banks in a position to effectively manage during most crises. The current legislation in the Senate directs regulators to enforce higher capital requirements but without specific capital levels. This policy must be maintained...
...which proposals for a derivatives clearinghouse or systemic risk council have teeth and which are sops to the industry. One political attraction of the CFPA is its simplicity: you're for it or against it. After sketchy subprime mortgages helped crater financial markets, even laissez-faire ideologues like Alan Greenspan called for stronger regulations to curb abuses and stabilize the system. And given the well-documented outrages pervading the industry these days - exorbitant overdraft fees, late fees, nuisance fees and balloon payments buried in opaque legalese, slimy yield spread premiums that banks give brokers who push high-risk mortgages...
...perpetual favorite among economic bloggers, former University President Lawrence R. Summers is on the shortlist for working to repeal the Glass-Steagall Act and collaborating with Greenspan and Wall Street to prevent efforts to regulate derivatives...
...downs of the U.S. economy 92 significant data releases and announcements to digest. That's according to a calendar compiled by the investment bank UBS. The number doesn't include corporate earnings, data from abroad or informal indicators like, say, cardboard prices (a favorite of Alan Greenspan's back...