FWIW, some of what Greespan is saying now... others were saying years ago, to people who wouldn't listen.
But, bankers here in the U.S. still shouldn't think they've hardwired the failure modes, here... so that they'll manage to benefit from enabling and gloating over others failures, and avoid the risks they've tried to pass on to others ?
The "debt problem" in Europe is, like our mortgage fraud crisis, just a bit of the iceberg that is visible above the surface, there. The market solution there is the same, too. Investors who made bad choices... should lose their investments... not be bailed out.
Of course, if they're NOT bailed out... then we'll be forced into realizing the full scope of the derivatives problem... and no one wants to address "fixing" the problems of the banks frauds in derivatives... except, you know, BOA, who think that taking away your checking account, and pretending that nothing happened, will make things better, instead of vastly, vastly worse... ???
IMO, China raising interest rates now, to try to avoid the inflationary impacts of their ongoing efforts in currency debasement... is really what is most likely to provide the practical impact that serves as a final push that propels us past the global economic "tipping point". That doesn't mean that Germans in Europe, or Republicans here, aren't going to shoulder some blame for pushing the right policies, too hard, at the wrong time... but, it doesn't really matter, either, if the "right" policies don't include enabling the changes that have to occur, that prevent bankers frauds and thefts, rather than reward them.
If the government won't work to solve the problem of the bankers imposing frauds on us... the markets will... no matter what the law says... and it doesn't really matter much what "other" policies are being advanced, or how they advance them.
The market will work... and it won't value the products of fraud.
Adopt "stimulus" that benefits a few special interests, at the expense of the population as a whole ? That's not better than austerity that does the same. That isn't going to win you friends that matter. Teachers, when they are the last ones left working... aren't going to face down the angry mobs to prevent bankers and politicians from being lynched...
The bubble in the frauds in derivatives... needs to be excised in a way that allows it to be "disappeared"... as if it never happened... or, those responsible for creating it probably will be. That's just how the world works...
Instead, we see bankers pressing ahead with "market innovation" that fully depends on not having a free market that can respond.
Still don't see how this can end well... and still don't see that we're close to having it "ended"... but, it does appear that we're getting closer all the time to resuming the beginning that the revelation of the banks mortgage frauds started...
Market Data 
Markets 
AI
