Word: greenspan
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...Laughs) Greenspan has also said that the tech industry was the main driver of productivity in the United States in the 1990s, so he can't have it both ways. Or maybe as an economist...
...TIME: Alan Greenspan said in recent Congressional hearings that the financial crisis was partly enabled by advances in computer and communications technologies. Do you feel the need to confess...
...next President, whether it's Barack Obama or John McCain, will take the helm amid a maelstrom. Testifying before Congress, former chairman of the Federal Reserve Alan Greenspan - not known for his colorful public statements - professed "shocked disbelief" at the "tsunami" that has plunged global finance into disarray. He predicted a deep recession that will cost jobs and devastate balance sheets across the economy - "much broader than anything I could have imagined." When the chief economic advisers to McCain and Obama met recently for a debate, they found little to agree on. But they shared the realization that...
...Greenspan, Alan •financial meltdown rocks the world...
...climate of deregulation that dominated the Bush-Greenspan years helped the spread of a new banking model. At its core was securitization: mortgage brokers originated mortgages that they sold on to others. Borrowers were told not to worry about paying the ever mounting debt, because house prices would keep rising and they could refinance, taking out some of the capital gains to buy a car or pay for a vacation. Of course, this violated the first law of economics - that there is no such thing as a free lunch. The assumption that house prices could continue...