Well, he might just as well have said that in this statement:
“The real lesson here appears to be that bank regulators cannot fully or accurately forecast whether…subprime mortgages will turn toxic or whether a…collateralized debt obligation will default, or even if the financial system will seize up,” he said in a speech last week to the Economic Club of New York.
Most of us despise George Bush. But can we please add Alan Greenspan to the list? This was the golden guru we thought was so adept at running our banking system. The one whose every utterance was followed as if a Delphic oracle. Statements like the one above make him out to be an doddering fool. Bank regulators can’t forecast whether the financial system will seize up? Is he kidding? What do we pay them for? To sit and twiddle their thumbs while the economy burns?
And can I ask how many tens of thousands of dollars the Economic Club paid this quack to utter such inanities? The economy tanked on his watch and he’s raking in the bucks in the aftermath while the rest of America suffers the consequences.
How could anyone put any confidence in such a charlatan?