Forgive me, this is going to ramble, but mostly because I am really, really upset by what I am hearing in the Committee on Oversight right now.
Alan Greenspan was "shocked, shocked I tell you!" that the house of cards has fallen. He sees the problem as subprime mortgages. "We didn't know that a deterioration in the standards was occuring until 2005."
"I made a mistake in thinking banks could protect themselves."
I would suggest, Alan Greenspan is obfuscating with his "toxic mortgages."
It's not just about mortgages. It's about the whole philosophy of trickle down, absolutely free-market, unregulated economics, and it began with Milton Friedman bucking varieties of theories carefully designed to plan regulation, proposed by notable economists from Adam Smith (18th century) to John Meynard Keynes (20th century.)
It was spurred on by the likes of Ronald Reagan, Arthur Laffer and Jude Walinsky.
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