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FRIDAY, NOVEMBER 27, 2009
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 INTERVIEW 
14

Greenspan: 'Crisis Will Happen Again'

Former Fed chairman denies responsibility, blames human nature

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(Newser) – Another financial crisis is inevitable "unless somebody can find a way to change human nature," says Alan Greenspan in an interview with the BBC. The former Fed chairman—who has faced stinging criticism for his own role in precipitating the 2008-09 global recession—denied any responsibility for the crisis, saying that it was "a once-in-a-century type of event." But he also complained that bankers were systematically underpricing risk and "at some point a correction would be made."

Greenspan is unimpressed by recent attempts to rein in wild markets. "The extraordinary impact of these global markets is making a lot of financial people feeling they have lost control," he said. "The problem is you cannot have free global trade with highly restrictive, regulated domestic markets."

Then-Federal Reserve Board Chairman Alan Greenspan testifies on Capitol Hill in 2005.
Then-Federal Reserve Board Chairman Alan Greenspan testifies on Capitol Hill in 2005.   (AP Photo/Evan Vucci, FILE)
Economist Alan Greenspan, former chairman of the Federal Reserve, and his wife, Andrea Mitchell of NBC, leave the memorial service for Jack Kemp at the National Cathedral earlier this year.
Economist Alan Greenspan, former chairman of the Federal Reserve, and his wife, Andrea Mitchell of NBC, leave the memorial service for Jack Kemp at the National Cathedral earlier this year.   (AP Photo/J. Scott Applewhite)
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14 comments
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SilenceDogood
Sep 9, 09 5:45 AM CDT
Finally the truth. "The problem is you cannot have free global trade with highly restrictive, regulated domestic markets." But the average person will not want to hear this, they would rather have someone to blame, someone to point a finger at and say “It’s your fault, you bastard that this all happened” Shit happens, and sometime shit happens to good people, in this case to an entire global economy. So take your medicine, learn the lesson, and move on. Life is good. Reply
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IN RESPONSE:
pete_ess
Sep 9, 09 9:01 AM CDT
Spoken like a banker who made a mint on selling "airware". Take these lies to their logical conclusion (NO rules at all) and banks will simply say "Thank you, I'll have that" with your money. They won't even try and sell you a story. (and actually, they'd dispense with the "thank you"). Greenspan and his mates got filthy rich on moving money OUT OF our hands and INTO theirs, and they want to do the same again - soon. That's why they will spin their lies without pausing for breath.
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+2
IN RESPONSE:
emptycalm
Sep 9, 09 10:15 AM CDT
The mega corps will get more and more "rights" and start being the government themselves. Is that what you want? Any sane person can see these people should not just be able to do anything they want. They do not have our interests in mind, just profit margins. Indeed shit does happen but sometimes shit can be prevented and sometimes it's not always the best thing to just accept what happens to you with no response.
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+1
IN RESPONSE:
wwwonderer
Sep 9, 09 10:27 AM CDT
The Corporation. A MUST SEE.... http://www.youtube.com/watch?v=Pin8fbdGV9Y
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+1
IN RESPONSE:
truthBtold
Sep 9, 09 6:22 PM CDT
Greenspan is a bad joke. Google "Greenspan put" if you wish to learn how he created a no-lose situation for big money, by decoupling risky actions from their consequences. Heads we win, Tails we win. And the bastard denies any responsibility? What a pathetic crapsack.
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