Added: Jul 7, 2008

From: shitstinx

Duration: 4:56

some say that due to greenspan's keeping interest rates too low for too long, that he paved the way for or even caused the current economic crisis facing the real estate market (which in turn directly affects the overall economy). he also stands accused of not having done more to prevent sub-prime lending, which in turn leads (and has led) to a record number of foreclosures as well as falling housing prices, and the so-called "bursting of the housing bubble". greenspan defends himself against these accusations and more in the opening segment of the 60 minute interview with lesley stahl (aired 9/16/2007)btw- i know little to nothing about economics and lending practices. if i am stating something incorrectly above, please feel free to kindly point it out to me, and i will make a correction (when i can finally make the time). thank you.

Channel: News

Tags: bubble  burst  default  federal  foreclosure  greenspan  housing  interest  lending  loan  low  rate  reserve  sub-prime 

Rating: 4.65 (51 ratings)    Views: 34695' favoriteCount='86    Comments: 200

alukefahr Says:

Jul 7, 2008 - The Federal Reserve will be the ultimate demise of this great nation. We'll erode ourselves from the inside out.

garyowen4ever Says:

Jul 7, 2008 - LOOK UP IN THE SKY,,,ITS A BIRD,,,,ITS A PLANE...ITS ,,,ITS,,,,BEN BERNANKE AND HIS INFLATION DOVES FLYING TO THEIR FOMC ROOST LIKE THE MONKEYS FROM THE WIZARD OF OZ. good old al greenspan used to SCHLEPP to the market , black attache in hand.

ludachris475 Says:

Jul 7, 2008 - If it isn't Bubbles Greenspan.His Bubbles always come true.Financial Derivative Monopoly Money®.

ludachris475 Says:

Jul 7, 2008 - The Federal Reserve is my favorite Private Bank.

ludachris475 Says:

Jul 7, 2008 - Private Central Bank.Lord Rothschild loves it too.

eaj07003 Says:

Jul 7, 2008 - don't like greenspan. If your smart don't use it to support a fraud.

IAmHilarious Says:

Jul 7, 2008 - The Federal Reserve is nothing more than a government allowed, unconstitutional, banking cartel run by a bunch of multi-billionaires.There is no reason for it to exist other than handing the control of an entire countries economy into the hands of a bunch of powerful men and for the profit of the upper class and complete destruction of the middle class. And the currency. The money is backed by nothing and just printed whenever.It wont last.

urdisturbing Says:

Jul 7, 2008 - That sounds reasonable, but then why does Greenspan get so much credit for creating such a vibrant economy over the last 18 years? Surely everyone benefits from that.

tsiamis Says:

Jul 7, 2008 - Greenspan you stubborn bastard. Greenspan should have followed the Taylor rule which suggested that interest rates should have been raised far sooner than they were. Strong credit growth and the housing price bubble clearly indicated that nominal interest rates were far below the neutral interest rate. If Greenspan acted quicker to raise rates the Fed would have pricked the asset price bubble, so to speak, and would have surely softened the blow in financial markets.

illmaticDH Says:

Jul 7, 2008 - Lesley Stahl trying to grill Alan Greenspan - brilliant. Running the Fed isn't a task in which decisions are mathematically calculable and the correct course of action is obvious. Alan Greenspan has been right more often than his critics.People love the wealth and prosperity, but as soon as something bad happens everyone is a critic. The criticisms out there are the equivalent of a reporter asking an athlete how he missed a shot or struck out - everyone does at some point.

cromicus Says:

Jul 7, 2008 - Quite possibly the worst interview in the world. That woman should be ashamed of herself.

IAmHilarious Says:

Jul 7, 2008 - Because he was the head of the Fed. He was pretty good at it. But overall it's not sustainable. It's more like boom and bust. Completely unnatural. He can create a vibrant economy with a few decisions: print more money, keep interests rates low. In times of crisis (eg 911), respond quick to the fears, make the market as comfortable as possible with investing at those times. This is what he did.But it comes with a bust since it's created out of thin air. Housing crisis, credit crunch...

garyowen4ever Says:

Jul 7, 2008 - BLAME GREENSPAN'S 40-45 year low rates in 020304 for the PRESENT NIGHTMARE,,,,,,WHAT WAS THE COST OF LIVIING BACK IN JFK'S ERA,,,,,,,,,THIS GUY IS POPULIST ENEMY No. ! EMERITUS!

mayreal13 Says:

Jul 7, 2008 - ok..this guy green span is just a pawn..i wonder who the people that pull his string on??does anyone know? So who is the vice president, of the fed reserve bank now? and is he ..pretty young? if so..i imagine he may be a culprit..does anyone know?

inscene83 Says:

Jul 7, 2008 - The great economist America has ever had. U poor people can only envy him.

dan020350 Says:

Jul 7, 2008 - A person who have a degree on economy does he really knows economics?

mwgolfdad Says:

Jul 7, 2008 - Envy his I.Q.? like Jimmy Carter's high I.Q. Both will go down in history as just that, high I.Q., high profile people in positions of decision and power when, they did have a clue what was truly going on. Power to make decisions with drastically bad repercussions on the economy and the world. If the average person is getting quick returns on their money and investing beyond their means, then he should have had a clue! But then again, watch this interview and he still doesn't have a clue!

doubledoppelganger Says:

Jul 7, 2008 - Why dont you people look up where todays money actually comes from, then you'll understand in full whats happening to us. This man would never tell the truth.

shoefer1 Says:

Jul 7, 2008 - greenspan is the best federal reserve chairman that the U.S. has ever had. He did a much better job than the current chairman Ben Bernanke. You cant put the blame for the economy going into recession on one single person. he couldnt have forseen or prevented this. it is just very ignorant for people who dont even know anything about greenspan or his role at the Fed to judge him and blame him for such a massive problem.

CknSalad Says:

Jul 7, 2008 - Greenspan made a complete mess of the US economy due to holding on to his low int rates policy. He constantly pretended that there wasn't a bubble by stating in the FOMC hearings that it's humanly impossible to find a bubble when it's happening. psshh...that's a load of bs. Thanks to Greenspan, our economy has experienced two major bubbles: dotcom and housing.

conradpexter Says:

Jul 7, 2008 - like Bernanke isn't doing that right?

luvpump1 Says:

Jul 7, 2008 - Greenspan must take a fair responsibility for the massive asset bubble he helped create..thats the bottom line

luvpump1 Says:

Jul 7, 2008 - Yes... all the evidence points to him being the "Best federal reserve chairman" ever .. I Mean the economy is in freefall lol ... peter schiff, now thats who i call a good economist !! ... So many of his predictions have come right.. The interview on here from early last yr where he said a property crash was on the verge was great....the rest of the panel were laughing in his face..... not any more !! ...

TejanoChimbo Says:

Jul 7, 2008 - .► Israel is a pain in the äss.

Pottz1616 Says:

Jul 7, 2008 - "When business in the United States underwent a mild contraction...the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage. The Fed succeeded, but it nearly destroyed the economies of the world in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market triggering a fantastic speculative boom. As a result, the American economy collapsed".- Alan Greenspan 1966 in reference to 1920's America.