Word: greenspans
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...cultural differences” and the relative complexity of our banking system make the model unfit for America. However, only the 19 biggest banks would be up for government receivership. Moreover, keep in mind that the FDIC takes over small banks all the time. Even Alan Greenspan, the image of free-market capitalism as Federal Reserve chairman from 1987 to 2006, has acknowledged that, “once in a hundred years, this is what you do.” Now is certainly looking a lot like one of those times...
Bank nationalization is the phrase on everyone's lips at the moment - with Alan Greenspan, Chris Dodd and Paul Krugman among the leading lights of the unlikely coalition in favor of it, and members of the Obama Administration repeatedly denying that it's in their plans. It's a misleading debate, though, given that the U.S. banking system was effectively nationalized on Oct. 13, when then Treasury Secretary Henry Paulson called the heads of the country's nine biggest banks into his office and told them they couldn't leave the room before agreeing to sell shares to the government...
...peak. This inflection comes when the rate of the increase in firings begins to slow. The most important moment in a downturn comes not when the damaging contraction's momentum has come to rest but when its progress has begun to slow. (See pictures of former Fed Chairman Alan Greenspan...
...Greenspan, Bernanke. I’m just really glad we didn’t get J.K. Rowling. Oh, and I wouldn’t mind having Bill Clinton and Hillary and Bill Gates–the power triple...
...think there is a wider issue [of] investing so much power in the hands of people like Alan Greenspan and saying, 'We'll just trust you because you said it's O.K.' - I don't think anyone is going to do that for another 50 years, until we forget about this mistake. All of the people who were running central banks allowed the financial system to become so large and leverage to become so pervasive. That they allowed banks in Iceland to become 850% of GDP is crazy. The Royal Bank of Scotland had the largest balance sheet...