AI
Friday, October 24, 2008 1:15:13 PM
Mr. "Let the Free Markets do their thing" Greenspan grudgingly admits that there was a "flaw in the model". Its called greed.
The unregulated derivatives industry and the credit swap instruments (financial weapons of mass destruction) that it spawned have gotten us into this bloody mess, not Fannie and Freddie and subprime loans made to low income folks.
You can't have "free markets" doing their thing because men/women/financial institutions are greedy and, when we have no checks or balances, will end up screwing us and their own companies.
The "free markets" have won this one for Obama.
The unregulated derivatives industry and the credit swap instruments (financial weapons of mass destruction) that it spawned have gotten us into this bloody mess, not Fannie and Freddie and subprime loans made to low income folks.
You can't have "free markets" doing their thing because men/women/financial institutions are greedy and, when we have no checks or balances, will end up screwing us and their own companies.
The "free markets" have won this one for Obama.
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