I don't see how Greenspan can be blamed for lack of regulation.... Isn't that a Congressional responsibility?
That, of course, is the dirty little secret. Those who benefitted hugely from the debacle, notably democrats in the house and senate, want to blame anyone but themselves for failing to protect the economy from themselves. They will never, of course, put the blame in their hip pockets where it belongs.
The Federal Reserve has some oversight responsibility for the banks that are members of the Federal Reserve System, of which most banks are.
You do not understand because you are not a Socialist. The fact that there was no mention of Barney Fwank, the Congressional Black Caucus, Freddie or Fanny tells me all I need to know about this article.
“I don’t see how Greenspan can be blamed for lack of regulation.... Isn’t that a Congressional responsibility?”
Not here. The Federal Reserve is the private banking systems private regulator. If they dont regulate, it dosent happen.
Please, someone here, tell me how 500 Trillion in derivitives sold against the future productivity of the United States should not have been regulated? I’d love to hear the rationale.
The fed can set rules for members banks I think. Even just speaking publicly about a perceived problem would get noticed. And besides, if there was something that he felt required congressional regulation, he would get more than a fair hearing from congress if he had asked for one.
Now can he, should he, be held solely responsible? No way.
The Fed has regulatory oversight of some aspects of the banking system, in particular the banks that are members of the Federal Reserve.
Congress’ Financial Mess
Walter E. Williams
Wednesday, January 14, 2009
http://townhall.com/Common/PrintPage.aspx?g=a756db7f-c982-4a19-affa-49fbb4cd2558&t=c