alan greenspan that more testimony
being asked about fraud
you know that alan greenspan used to argue that mandate
that there was no such thing as for the the government shouldn't do anything about it
that they needed
exist
but he thought that the market will correct itself
the people who were defrauded
with some out correct of fraud
for decades this guy was considered King
she like we couldn't comprehend how smart
how is somebody who got ripped off going to correct that they're not going to correct
that
I mean like the system correct itself eventually yes but that's what you think the government
four
the step in and protect it's an answer
a little old lady down the street and got our money ripped off
is it going to be able to corrected him
and get our money back it's quite easy too crazy to think that
now alan greenspan realizes all I was wrong
it turns out there is fraught with
you don't set
okay so let's listen to a little bit of restated his of thought it was another important and
also you about half of it
but number four
the final question on on back at the primary nation
that occurred outside of entities that were supervised by the federal reserve is it your
opinion that those entities should be supervised by the federal reserve now
first of all remember when
you have to distinguish between simple decision
and the enforcement
a lot of the problems which we had
the independent
two
insurers and mister prime Minister to mortgages
the the equipment that the basic problem news
he don't have enforcement and lot of that stuff was just plain broad well really that
not come to grips with the issue
the federal reserve remember
who is not an endorsement you see
we don't have we didn't have them
types of personnel
which that the SEC the department of Justice and how it has
to do that
I can't can't answer that question
police as I can say
absolutely
congress in the world possibilities
do you think that dan
you should have those types of imported Clinton for similar stories
he would require a very significant
to said the provisions with respect to how
for some reason
examination force
the would tune with the
why three important things from this or a one that is all the hottest commissioners
of all time
that list of her
%uh at number two she has good questions but in Russia one day the put it now on this is
a point at which it
%uh so it turns out there is for alan greenspan all do who knows
he went on to continue in that testimony to mention fraud three different tack
so I guess you're wrong about that and of the fundamental flaw
but you're in a state of shock disbelief about
Frank I was
the status quo from a couple years ago when the system
no blood on the first place
up whatever three and I think is the most important because it goes towards the future
he said the federal
reserve does not have in enforcement agency
the cannot actually enforce any of these rules
the current plan
the one that's in the senate
put all the enforcement
the the or they like this are protection agency and other parts the spokesman for but
inside the fact
but the Fed is not even structured to greenspan leader said in his testimony
we would have to review the whole thing it doesn't have a structure to do enforcement
so what the health consumer protection agency going to do
if it cannot force in it
and that's the whole point
they don't what any enforcement
if that isn't even built for enforcement
so
they're good at
kill all the reform before it even gets out the door by putting an agency that can possibly
enforce whatever decisions they make
did not fix it
any of this stuff
I hate to do it to you but I got to tell you what's real
not getting fixed listen to what alan greenspan said
but even he admits yet if you put it inside the Fed did not enforce it
watch the live show twenty four
the actor's shock