Greenspan on 60 Minutes - I call BS

[Exsubmariner]

This was buried a little way down the left column on Drudge.

[ QUOTE ]
Greenspan says he knew about the questionable subprime lending tactics that gave loans to homebuyers and investors with low adjustable interest rates that could rise precipitously, but not the severe economic consequences they posed. "While I was aware a lot of these practices were going on, I had no notion of how significant they had become until very late," he tells Stahl. "I really didn't get it until very late in 2005 and 2006."


[/ QUOTE ]

I'm sorry.

BULL - F____ING - S__T !!!!!

Like the head of the Federal Reserve had no clue that over-gassing the US money supply would lead to poor lending practices to people who have no financial sense or a history of not paying back what's loaned to them.

I guess the next thing he is going to say is that he had no idea that printing money would lead to inflation.

I guess it might be no suprise if that was the case as his successor thinks that the answer to inflation is more inflation.

I guess this kind of blows the theory of the hyper competant banking conspiracy.....