Alan Greenspan

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Greenspan: I Was Wrong to Trust Banks

Fed's push for deregulation helped 'nnce-in-a-century credit tsunami'

(Newser) - Alan Greenspan made a mild mea culpa today as lawmakers grilled him on his role in a financial crisis the former Fed chief called a “once-in-a-century credit tsunami,” the Wall Street Journal reports. Asked if he was wrong to champion deregulation, Greenspan replied, “partially,” explaining he’...

'The Oracle' Forgot One Thing: We're Greedy
'The Oracle' Forgot One Thing: We're Greedy
OPINION
Oct 18, 2008 11:50 AM CDT

'The Oracle' Forgot One Thing: We're Greedy

Founding fathers quickly figured out people couldn't be trusted to be selfless

(Newser) - If those who ignore history repeat it, Alan Greenspan must have slept through a few Constitutional history classes. In promoting the risky derivatives market, the former Federal Reserve chairman was depending on individuals' restraint and care for the greater good. But Americans just aren't that altruistic, as the Founding Fathers...

How You Know It's a Crisis: Oprah Is Bailer-Out-in-Chief

Culture11 lists top changes to look for in our new economy

(Newser) - How the Wall Street meltdown will affect our day-to-day existence, per Culture11:
  • Nation's emergency lender: Oprah.
  • Living in sin now OK; sharing a sleeping bag in tent city is new social scourge.
  • Cloning approved to allow for mass creation of Alan Greenspans.
  • Hipsters downgrade their booze from PBR to ethanol.
...

Greenspan: Housing Will Hit Bottom in 2009

Skilled immigrants would help end slump, he says

(Newser) - Alan Greenspan said housing prices could continue to edge lower through 2009, but should “stabilize or touch bottom” in the first six months of the year, reports the Wall Street Journal. And, the former Fed chief says, while a government bailout of Freddie Mac and Fannie May was the...

Greenspan to Government: Hands Off
Greenspan to Government: Hands Off
OPINION
Aug 5, 2008 1:15 PM CDT

Greenspan to Government: Hands Off

Market capitalism can ride out the crisis, writes former Fed boss

(Newser) - The credit crisis is far from over, and more banks and financial institutions might require government bailouts along the way, Alan Greenspan acknowledges. The crunch will relax only when home prices, "the ultimate collateral support for much of the financial world’s mortgage-backed securities," begin to stabilize, the...

Fierce Lobbying Deflected Warnings on Fannie, Freddie

Mortgage giants deflected calls for stricter capital requirements

(Newser) - For years, critics have warned that Fannie Mae and Freddie Mac’s special status as government-sponsored enterprises allowed them to shoulder risk far beyond their minimal capitalization requirements, the Washington Post reports. The firms have used their unique position in the financial system, and high-intensity lobbying efforts, to quash any...

Fannie/Freddie Troubles Signal Sea Change in Gov't Role

Feds now effectively the only lender in town

(Newser) - The teetering of Fannie Mae and Freddie Mac has underscored a major shift in US finance, writes Peter S. Goodman in the New York Times—once simply another guarantor, the government has effectively become the only lender in town "for millions of Americans engaged in the largest transactions of...

Clinton Calls for Blue-Ribbon Mortgage Panel

Emergency plan would enlist Greenspan, other big thinkers

(Newser) - Ex-Fed chief Alan Greenspan and other high-profile economic bigwigs should take the lead in deciding whether the government should buy homes affected by the housing crisis, Hillary Clinton says. "As it has in the past, this kind of temporary measure by the government could give our economy the boost...

Greenspan Signs On With Mortgage Profiteer

Ex-Fed honcho will advise hedge fund

(Newser) - Paulson & Co. made a fortune as the mortgage crisis unfolded, and now the hedge fund has hired the man some say caused the meltdown. Alan Greenspan, whose actions as chairman of the Fed have been under fire lately, today agreed to advise the firm, which saw one fund rise...

Stagflation Jitters Sink Stocks
Stagflation Jitters Sink Stocks
MARKETS
Dec 17, 2007 3:29 PM CST

Stagflation Jitters Sink Stocks

Greenspan: 50-50 chance of recession

(Newser) - The markets resumed last week’s downward spiral today, with the Dow diving 172.65 to 13,167.20 despite typically buoying news of major deals. The Nasdaq slid 61.28 to 2,574.46 and the S&P closed at 1,445.90, down 22.05. Alan Greenspan said...

Greenspan: Odds Rising for Recession

Former Fed chief says US economy 'close to stall speed'

(Newser) - Alan Greenspan warned yesterday that sluggish economic growth is increasing the risk of recession. "It's too soon to say, but the odds are clearly rising," the former Fed chief told NPR. The subprime crisis and its resulting credit turmoil has growth "getting close to stall speed,"...

Greenspan Has 'No Particular Regrets'

Former FED chair calls housing crisis 'a global phenomenon'

(Newser) - The US housing market crisis is not the result of Federal Reserve policies but part of a global phenomenon, former Fed chair Alan Greenspan says. "I have no particular regrets," he said yesterday in Oslo. "The housing bubble is not a reflection of what we did, as...

Bernanke: How's He Doing?
Bernanke: How's He Doing?
Oct 31, 2007 11:05 AM CDT

Bernanke: How's He Doing?

Journal looks back at Fed chairman described as more collaborative, creative than Greenspan

(Newser) - As the Fed rolls out another anxiously awaited decision on rate cuts, the Wall Street Journal does a play-by-play analysis of Ben Bernanke's handling of the three-month old credit crisis with an eye to what we've learned about the new Fed boss. For starters, he's more open and collaborative than...

Best Memoirs About Money
Best Memoirs About Money
Oct 20, 2007 8:07 AM CDT

Best Memoirs About Money

Get the inside scoop on finance from those who live (and lived) it

(Newser) - Some earn money; some write about it. Some do both. CNN Money recommends these six memoirs about money: getting it, managing it, spending it, and not having enough of it:
  1. The Age of Turbulence by Alan Greenspan
  2. Reminiscences of a Stock Operator by Edwin Lefevre
  3. American Sucker by David Denby
...

Alienated Business Voters Ditching GOP

'The party left me' says one; poll, donations show eroding support

(Newser) - Disappointed fiscal conservatives are less likely than ever to vote Republican, the Wall Street Journal reports, despite the GOP's designation as the pro-business party for more than a century. The Iraq war, ballooning debt, and right-wing social policy have all turned off business leaders—and as fiscal conservatives' support for...

Greenspan Attacks Bush, GOP
Greenspan Attacks Bush, GOP
Sep 15, 2007 7:44 AM CDT

Greenspan Attacks Bush, GOP

Former Fed Chair decries Republican economic policies

(Newser) - Former Fed chairman Alan Greenspan lambastes President Bush and his own party  for disastrous economic policies in a memoir published next week. He criticizes the GOP for abandoning fiscal restraint while it had control of both Congress and the White House, the Wall Street Journal reports. Republicans in Congress, he...

Greenspan Missed Subprime Crisis Signs

And Bernanke's doing 'an excellent job,' says Fed's former Yoda

(Newser) - Alan Greenspan didn't see the subprime crunch coming, the former Fed chairman tells CBS' "60 Minutes." Greenspan also gave his successor a pat on the back, saying Ben Bernanke "is doing an excellent job." Some have suggested that Bernanke isn't acting as presciently as his predecessor;...

Fed Weighs Risky Biz of Rate Cut
Fed Weighs Risky Biz of Rate Cut
Aug 13, 2007 4:03 AM CDT

Fed Weighs Risky Biz of Rate Cut

Intervention could encourage more risk and trigger bigger crisis

(Newser) - The Federal Reserve is facing a dilemma as it decides whether to ride to the rescue of  the market by slashing interest rates—and risk encouraging further recklessness and triggering an even worse crisis, reports the Wall Street Journal. The issue is what economists call moral hazard: protecting someone too...

China's Stock Market Soars to Record

Greenspan fears a dramatic correction

(Newser) - Despite Alan Greenspan’s warning that the market was due for a correction, Shanghai’s stock market index topped 4000 today. So far this year the Chinese stock market has doubled. Since 2006 it has quadrupled. The main driving force behind the surge has been an odd form of democracy.

Bernanke Keeps Interest Rate Steady
Bernanke Keeps Interest Rate Steady
Mar 29, 2007 8:15 AM CDT

Bernanke Keeps Interest Rate Steady

Sees housing crisis as risk, but doesn't see recession

(Newser) - With inflation creeping up, Fed chairman Ben Bernanke will keep interest rates steady—at least for now, reports the Wall Street Journal. Soft business investment and weakening housing are becoming serious risks, but the long-term outlook is good, Bernanke told Congress yesterday. "The current stance of monetary policy is...

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