Alan Greenspan, former Federal Reserve chairman, continues to argue that even financial products that led to the economic crisis should not be banned, affirming his belief that markets should be the final arbiter over which tools work.Mr Greenspan, who has faced criticism for making decisions that allowed the economic crisis, maintains that the market should judge these products. He disagrees with those, such as George Soros, who has called for an outright ban on tools that may have led to the crisis, and Dominique Strauss-Kahn, director of the International Monetary Fund, who has called for tougher regulation. Video: Greenspan and Strauss-Kahn on financial regulation... Mr Greenspan's remarks came almost a year after he acknowledged at a Congressional hearing that he had "found a flaw" in his thinking and that he was wrong to assume that banks would protect themselves from financial market chaos.
Mr Greenspan, who has faced criticism for making decisions that allowed the economic crisis, maintains that the market should judge these products. He disagrees with those, such as George Soros, who has called for an outright ban on tools that may have led to the crisis, and Dominique Strauss-Kahn, director of the International Monetary Fund, who has called for tougher regulation.
Video: Greenspan and Strauss-Kahn on financial regulation... Mr Greenspan's remarks came almost a year after he acknowledged at a Congressional hearing that he had "found a flaw" in his thinking and that he was wrong to assume that banks would protect themselves from financial market chaos.
Surely an epic market crash can be taken as a final market determination that the tools don't work? En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
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- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
