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At last weekend’s banking conference at Jekyll Island Alan Greenspan made some astonishing remarks. In short, he said the banking sector has been guilty of rampant fraud and needs much higher levels of oversight. After a 30 year crusade of deregulating markets and being an advocate of efficient markets Greenspan appears to have come around to the (obvious) realization that markets are made up of human beings and human beings are not all necessarily good and rational.  He said:

“We need…to get far higher levels of enforcement of fraud statutes.  Existing ones.  I’m not even talking about new ones…Things were being done which were certainly illegal and clearly criminal in certain cases.”

Naturally, Ben Bernanke practically covers his face half way through the commentary:

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