Skip to: Content
Skip to: Site Navigation
Skip to: Search

May 17, 2008 1:31:25 AM CDT

Learn about Newser Points »

Back to the grid

Greenspan Missed Subprime Crisis Signs  

Posted Sep 13, 07 3:19 PM CDT in US,  Business    Editor's Choice

(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; not so, says Greenspan—"I'm not certain I would have done anything different."

Analysts tell Bloomberg that kudos from Greenspan can be a boon to Bernanke. Given Greenspan's "significant legacy and stature, giving Bernanke an 'atta-boy' in this environment is a positive boost for Bernanke," says a securities firm bigwig. The interview is scheduled to air Sunday, a day before the release of Greenspan's book "The Age of Turbulence."

Source Bloomberg

open commentscomments (0)

Editor Recommended

Related Links

Greenspan also responded to his own critics
AFP | Sep 13, 07

Things are different now, says Greenspan
Wall Street Journal | Sep 13, 07

"I hate to pick on Greenspan (too easy of a target), but it was his job to know about the loose lending practices"
Calculated Risk | Sep 13, 07

Related News

  • US Must Stop Foreclosures, Bernanke Warns

    May 6, 08 2:35 AM CDT
    US Must Stop Foreclosures, Bernanke Warns Federal Reserve Chairman Ben Bernanke yesterday called for government intervention to halt home foreclosures, warning that to do nothing could "destabilize communities, reduce property values of nearby homes, and lower tax revenues." Bernanke said in a speech in New York that a million Americans were already three months behind in mortgage payments at the beginning of this year, threatening dire consequences for the future of the economy, reports the Los Angeles Times. More »

  • Stocks Rally; Dow Up Almost 200

    May 1, 08 3:24 PM CDT
    Stocks Rally; Dow Up Almost 200 Stocks rallied today on strong performances by several big tech firms, MarketWatch reports. Investors also poured money into financials in anticipation of the dollar boost the Fed will cause by holding interest rates steady after yesterday’s cut. The Dow climbed 189.87 to at 13,010.00, the Nasdaq rose 67.91 to 2,480.71, and the S&P 500 jumped 23.72 to 2,480.71. More »

  • Fed Ponders Pause in Rate Cuts—After 1 More

    Apr 24, 08 10:05 AM CDT
    Fed Ponders Pause in Rate Cuts—After 1 More The Federal Reserve may be ready to cool its torrid rate-cutting after a likely .25% percentage point cut at its meeting next week, the Wall Street Journal reports. Futures markets are betting Chairman Ben Bernanke is unlikely to rest just yet, with little change in the month-to-month economic picture, but will pause after that to assess the cuts' effect and avoid stoking inflation. More »

  • Fed, Execs Defend Bear Bailout

    Apr 3, 08 12:10 PM CDT
    Fed, Execs Defend Bear Bailout Bear Stearns was just hours from collapse, and letting it go down would have been disastrous, executives and regulators argued on Capital Hill today while defending the controversial bailout, the New York Times reports. Without the takeover, “we would all be facing a far more dire set of challenges,” said JPMorgan CEO James Dimon, citing the possibility of a mass run on other investment banks. More »

  • Bernanke: Adjustment Is Mostly Over

    Apr 2, 08 10:24 AM CDT
    Bernanke: Adjustment Is Mostly Over Ben Bernanke for the first time acknowledged the possibility of a US recession, but he also voiced optimism that “much” of the adjustment period was over, the Wall Street Journal reports. His testimony before Congress seemed to suggest an end to aggressive stimulus measures—noting that rates had already been cut “substantially” and inflation was still a “source of concern.” More »

Greenspan Missed Subprime Crisis Signs
** FILE* Federal Reserve Board Chairman Alan Greenspan testifies on Capitol Hill in this Nov. 3, 2005 file photo. Deutsche Bahn AG said Monday, Aug. 13, 2007, that it is bringing in former U.S. Federal...   (Associated Press)
Greenspan Missed Subprime Crisis Signs
Former Federal Reserve Board Chairman Alan Greenspan, in his office in Washington, Thursday, Sept. 6, 2007. in an upcoming interview, Greenspan acknowledges he failed to see early on that an explosion...   (Associated Press)
Greenspan Missed Subprime Crisis Signs
Alan Greenspan gestures while speaking at the Book Expo America 2007 convention Friday, June 1, 2007 in New York. (AP Photo/Frank Franklin II)   (Associated Press)
prev   next
play

Threads (1 of 2)

Tags

subprime mortgages  • Federal Reserve  • Ben Bernanke  • Alan Greenspan


Loading...

Loading...

Related Threads: Subprime Collapse, Ben Bernanke

Next story from this section »

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »