Greenspan and Democracy
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Alan Greenspan, writing in the current issue of the Economist, argues that in the future banks will need more of a capital cushion than they needed before the crisis because holders of bank liabilities will require them to hold more capital. "Today, fearful investors clearly require a far larger capital cushion to lend" to financial intermediaries. In other words, there's no need for additional regulations requiring banks to have more capital. The financial market will take care of itself. Greenspan has learned nothing at all.In 2004 and 2005, when many economists warned that a speculative bubble in home prices and home construction posed a risk to the financial system, Greenspan brushed aside such worries, saying housing prices never declined. Before that he had resisted calls for tighter regulation of subprime mortgages and other instruments which allowed people to borrow far more than they could afford. He had also opposed tougher regulation of derivatives. Almost a decade earlier, Greenspan had urged Congress to knock down the regulatory walls that separated investment and commercial banks, thereby inviting investment banks to place huge bets with other peoples’ money.Barely two months ago, when Greenspan appeared before Congress to explain what had happened to the economy, Representative Henry Waxman asked him pointedly: "Were you wrong?""Partially," Greenspan responded. "This crisis has turned out to be much broader than anything I could have imagined."
Alan Greenspan, writing in the current issue of the Economist, argues that in the future banks will need more of a capital cushion than they needed before the crisis because holders of bank liabilities will require them to hold more capital. "Today, fearful investors clearly require a far larger capital cushion to lend" to financial intermediaries. In other words, there's no need for additional regulations requiring banks to have more capital. The financial market will take care of itself. Greenspan has learned nothing at all.In 2004 and 2005, when many economists warned that a speculative bubble in home prices and home construction posed a risk to the financial system, Greenspan brushed aside such worries, saying housing prices never declined. Before that he had resisted calls for tighter regulation of subprime mortgages and other instruments which allowed people to borrow far more than they could afford. He had also opposed tougher regulation of derivatives. Almost a decade earlier, Greenspan had urged Congress to knock down the regulatory walls that separated investment and commercial banks, thereby inviting investment banks to place huge bets with other peoples’ money.Barely two months ago, when Greenspan appeared before Congress to explain what had happened to the economy, Representative Henry Waxman asked him pointedly: "Were you wrong?""Partially," Greenspan responded. "This crisis has turned out to be much broader than anything I could have imagined."
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2 comments:
«"Were you wrong?"
"Partially," Greenspan responded. "This crisis has turned out to be much broader than anything I could have imagined."»
Partially, mr. Greenspan?
Este homem afirmou que nunca pensou que os gestores não tivessem em consideração o interesse dos accionistas.
Tudo gente honesta e confiável!
Ou é ingénuo ou está a gozar...
Isto está a virar moda.
João Rendeiro, na mesma altura em que o banco que geria está nas ruas da amargura, publica uma auto-biografia em que se afirma um banqueiro de sucesso.Sucesso???
Dias Loureiro vai à televisão tentar descolar-se das negociatas do BPN e admite ter comprado duas empresas que depois desapareceram das contas do banco. Contas essas que ele tinha que assinar.
Socrates, depois de afirmar que as familias portuguesas em 2009 iam ter mais dinheiro, os funcionários públicos iam ter aumentos como já não tinham há muito tempo, agora afirma que o proximo ano vai ser o "cabo das tormentas".
Empresas a falir, comercio a fechar portas, desempregados e desalojados a aumentar todos os dias a um ritmo alucinante e os governantes ainda não têem bem a certeza se estamos em recessão (ainda falta um trimestre ou lá o que é).
O modelo economico posto em prática nas últimas decadas FALIU,
faliu literalmente as empresas, os bancos e as populações em geral.
Já está na altura de o admitirem e mudar de rumo, se for possivel...
"O modelo economico posto em prática nas últimas decadas FALIU,..."
Cara Amiga A.,
Eu não seria tão radical.
Mas é por demais evidente que muitas coisas deveriam mudar ou acabar. Os offshores, por exemplo.
Não estou, no entanto, nada convencido que isso possa vir a ocorrer. Mesmo no meio desta confusão geral e de expectativa de pior, ninguém, com responsabilidades no governo do mundo, fala do assunto.
O que é sintomático dos interesses cruzados envolvidos. E de que o "sistema" não faliu e poderá mesmo sobreviver sem mudar de processos.
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