Robert Reich has an article up at The Business Insider, which is a repost. The original is at his blog.
Robbers trying to regulate the banks they held up, unless these people were honest would they be true to their tasks. But how honest can you be when you originally didn't give a shit about the consequences of letting your Banker friends run wild?
Larry Summers is a direct advisor to our President, the man who had to resign as President from Harvard University over his sexist views, and also because of the fact that he cost Harvard over a billion dollars in fees due to interst rate swaps for hedging and
speculation.
You also have Alan Greenspan, whose entire life has been Wall Street. He supported the Bush tax cuts while heading the New York Fed, and lowered interest rates all the way down to zero so his bankster buddies could gamble away everything that wasn't theirs.
So, just like a Republican, we have a problem with accepting responsibility.
Alan Greenspan is now being interviewed. He says he bore no responsibility for the housing bubble that catapulted the nation into a financial crisis in 2008 because no one could have known about the bubble when he chaired the Fed in the years before it burst. Larry Summers was interviewed just before Greenspan. He said the economy is expanding, that the Administration is doing everything it can to bring jobs back, and that the regulatory reform bills moving on the Hill will prevent another financial crisis.
What?
Really?
No could have known huh? You mean like Nouriel Roubini and a handful of others, you can't be smart and dumb at the same time Mr. Greenspan, so you are obviously corrupted and conflicted. If your head wasn't in your ass, you'd know your hand in this is as dirty as Rush Limbaugh's sewer line. Mr. Reich can say it way better than I can.
If any single person is most responsible for the financial crisis, it’s Alan Greenspan. He presided over a Fed that lowered interest rates to zero (adjusted for inflation) but failed to prevent banks from using essentially free money to speculate wildly. You do not have to be a brain surgeon to understand that if money is free, banks will take it and lend it out. And if oversight is inadequate, the banks will lend the money to anyone who can stand up straight and to many who cannot. The result will be a giant subprime lending bubble that will burst.
If any three people are most responsible for the failure of financial regulation, they are Greenspan, Larry Summers, and my former colleague, Bob Rubin. In 1999 they advised Congress to repeal the Glass-Steagall Act, which since 1933 had separated commercial from investment banking. By 1999, Wall Street was salivating over such a repeal because it wanted to create financial supermarkets that could use commercial deposits to place bets in the financial casino. That would yield the Street trillions.
At the same time, Greenspan, Summers, and Rubin also quashed the efforts of the Commodity Futures Trading
Corporation to regulate derivatives, when its director began to worry that derivative trading already was getting out of control.
So when you say you bear no responsibility in the American and Global financial crisis, it is an outright lie and a bad case of denial.
Read more: http://www.businessinsider.com/...
Gonna hit the sack, sorry about the hit and run, I'd stick around but I finally have a job, although temporary it helps out ya' know.
Peace, and have a good one.