Oh My Greenspan says human nature is the source of

[malaise]

financial crises. It wasn't his fault DUers :sarcasm:
http://news.bbc.co.uk/2/hi/business/8244600.stm
<snip>

Blamed by some for not doing more to prevent the crisis, Mr Greenspan denied any responsibility for the problems gripping the global economy.

"It's human nature, unless somebody can find a way to change human nature, we will have more crises and none of them will look like this because no two crises have anything in common, except human nature."
-----

I thought most of man's laws evolved to curb human nature. Laws and Regulations would have prevented last year's crisis.

Fuck you Mr. Greenspan.

-------------
By the way, the BBCs "Aftershock:Crisis One Year After" is well worth following.

[Buzz Clik]

1. So we're blaming Greenspan?

Ok.

[malaise]

3. He was part of the problem but he alone cannot be blamed

I'm blaming those who removed the regulations and those who continue to rip off people.

[Democracyinkind]

5. Yes. For saying yes to tax cuts under Bush that he termed "suicidal" under Clinton.

Not that he's the only one, or the main culprit, but he clearly played along the Dubya scheme (scam?) while everyone knew that he was opposed to it (based on his statements against the Repub-House tax cut plan under Clinton).

If human nature was the problem, it was the human nature of Greenspan and the like: People who knew better yet never spoke up against cranking up this phony economy till it burst.

[Cessna Invesco Palin]

2. :Facepalm:

This is such an utterly nonsensical bullshit statement. Yes, everything that happens in society is more or less connected in one or more ways to human nature. So I guess we should just throw up our hands.

[KharmaTrain]

4. Hey Al..."Human Nature" Is Why Regulations Were Created

Sheesh...didn't this shitstain bother to study the Depression? He all but created the climate for a repeat on a far bigger scale.

For years many warned that "deregulation" didn't increase competition but led to greed and greed leads to abuse. He sat at ground zero for more than a decade as books were cooked, rates were manipulated and insider trading ran rampant and he shrugs his shoulders? I'm just grateful he's out of power now. He'll always be the poster child for the robber baron era of the 1990s...

:hi:

[malaise]

6. Funny how they're all scrambling

to clear their names. Ah well - he's guilty as charged.
:hi:

[Umbral]

7. Did that excuse come from the Ayn Rand Playbook? nt

[quaker bill]

8. Actually, this is a big step

read Krugman on how the economists got it wrong. For him to state this is a philosophical capitulation to Keynesian theory. It is an agreement that markets are not perfect and that consumer demand is not always rational. This realistic understanding of human nature underlies Keynesian economics.

My only question is how the one time demand for "pet rocks" and more recent absurd market for "beanie babies" did not prove this to him and the rest of the "neoclassical school of economics" a very long time ago.

[malaise]

12. Excellent point

That Krugman article is a must read.

[PA Democrat]

9. But I thought the "Invisible Hand" of the free market was supposed to save us?

Mr. Greenspan no longer believes in fairy tales? Too little too late.

[Orwellian_Ghost]

10. Ayn Rand

But you have to admit this crap that Al is spouting is all the rage on both sides of the non spectrum here in The Homeland. Obama has been spewing the "personal responsibility" rubbish every step of the way.

[Justicekthx]

11. for me this is a duh statement

This is why there free market can do no wrong doctrine will never work it looks good on paper but in practice people are people.(regulate and Enforce thats how you do it, People trump money something these free marketers cant get there head around i swear they are like computers )telling people they need to be responsible as policy is naive it will never happen people will be greedy and irresponsible the key is catching it and correcting it or prevention.


If all your policy's require rationality to work then you end up on the fail train.

[spanone]

13. regulations are a good way to 'channel' human nature...not relaxing regulations

[WCGreen]

14. Like a bartender pouring free shots to a drunk, Greenspan juiced

the markets so that people would not view a bubble as a buvvle...

Not once, not twice but three times...

[GCP]

15. Wasn't Ayn Rand the ultimate exemplar of Human Nature?

:sarcasm:

Greenspan was an acolyte.

[Odin2005]

16. Like the other poster said, human nature is why we have REGULATIONS.

Greenshit is just a liar. This is the same BS reasoning Libertarians always use.

[Javaman]

17. perhaps it's "human nature" for repukes to be crooks...nt