Reuters just released some comments from the maestro himself Allan Greenspan’s on the current financial crisis. "The crisis will leave many casualties. Particularly hard hit will be much of today's financial risk-valuation system". Wow, that is a tough one to figure out. Am I mistaken or was it Greenspan’s job to mitigate risk in the US financial system. This guy has a big pair to trot around the world getting paid millions for consulting. I presume the consulting is to help "the elite" navigate these troubled financial times. I am sure he is very good at since he was a major player in creating it.
He goes on to explain "While insisting that current risk management models and econometric forecasting methods are too simple to capture the full array of variables governing that drive global economic reality." What reality was he in when he working for the central bank? I am sure if he sees things so clear now that he saw it then! Then why did he allow it to happen? Was he looking out for Americans? Or maybe, it was the bankers themselves so to prevent a few of them from jumping out of window’s like in the first economic depression. I say the first because it appears that is where we are heading for another one!
Finally the maestro commented that "the crisis will leave many casualties. Particularly hard hit will be much of today's financial risk-valuation system," he wrote. Well said! That covers it all. For this writer that appears to be the whole *(*#&# banking system! Great!!! Great job Allan....Shame on you for allowing this to happen. Just because you have left does not mean that you are not culpable. At least you don’t h have worry because you are not like the majority of working Americans who live pay check to pay check.