we we are and first off
the uh... alan greenspan the former my straddle
as it were
as uh...
hendon op ed in the financial times
dodds frank fails to meet
test of our times the u_s_ regulatory agencies air will in the coming months b
bit dabbled
by unanticipated adverse outcomes as they translate the dodds frank has act
broad set of principles into a couple of hundred detailed regulations all my cock
so difficult to work through
you'll remember alan greenspan was the one who
uh...
well gosh
he's a
i think maestro mitre translate differently these days from its original
spanish than it did they are back in the day when he was given that
title
it was the one oh advocated for all of the uh... or much of the deregulation
that it's led to the uh... massive financial crisis that we suffered
uh... he was the one who said that we should cut taxes 'cause were afraid of
us are plus remember that
you testified in front of the senate
i'm worried if the government has a surplus
so we should cut taxes on uh... the richest among suss of course
that was also parton parcel of his transfer or va
of wealth up operably
because he was the one in seven eca mission to recommend raising the payroll
taxes back in nineteen eighty three which ronald reagan signed off on
essentially raising the taxes for social security creating a trust fund allowing
that trust fund to be rated to pay for the taxes the tax cuts that he
called for under the bush administration
and uh...
the most interesting paragraph in this
the problem is that regulators and for that matter everyone else
can never get more than a glimpse at the internal workings of the simplest of
modern financial systems
and other words uh... financial systems are not at all transparent even for
people whose job it is to look at these things
remember he is also a huge it anymore at ayn rand or and rant
budget vote aye
who uh...
said bacteria
during the financial crisis that he he may have
miscalculated his entire world view of the past seventy years
the red he had
today's competitive markets uh... whether we seek to recognize that are
not are driven by an international version of adam smith's invisible hand
that is on
redeemable e opaque
with notably rare exceptions
two thousand eight for example global invisible hand has created relatively
stable exchange rates
interest rates prices in weight rate
uh... brothels yes
intensity
it would just that one eight zero four
uh... it's provided stability after the well financial crisis the
logo
now i'm sorry eki wrote that uh... thirty
first that's not an april fool's joke
that's weird
legacy actually wrote it on the twenty nine
with them
now both sides sorry now i'm sorry that it
that turns out that's not an april fool's joke he's actually serious
in fact uh... many people have taken to task for this he's become a laughable
joke
uh...
so well suggested ah... and referral greater cricket timber as suggested
this other variations of that argument
with notably rare exceptions russian roulette is a fun safe game for all the
family to play
and uh... there are days with notable exceptions and missus lincoln enjoy the
play
you know it goes on and on have
so sorry i've got
i get sort of uh...
doubly
april fools on that one
act as he was syria's
uh... again
were not for the fact that um...
you nearly a
that's what's the million completely destroyed the uh... the world's
financial
system and has led to uh...
right untold suffering by uh... millions upon millions of people
if it's not that the funny
and
st