Greenspan: “Shocked Disbelief”
As to the fantasy that banks could regulate themselves, that markets self-correct, that modern risk management enforced prudence: “The whole intellectual edifice, however, collapsed in the summer of last year.”
Greenspan spurned the Republican acolytes trying desperately to defend the faith and blame the crisis on the Community Reinvestment Act and the powerful lobby of poor people who forced powerless banks to do reckless things. Greenspan ...
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