john_j_enright (john_j_enright) wrote,
john_j_enright
john_j_enright

Greenspan Shocked

Alan Greenspan is shocked, and can't figure out why banks did not act to protect their shareholders.

"Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity – myself especially – are in a state of shocked disbelief."

Probably I don't know enough to understand what he's shocked about.  But even when people are acting in their self-interest, they make mistakes.  Especially when "everyone else" is making the same mistake.  Bubbles and panics are examples of that.

Bubbles are trouble
and panics are double.
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  • 14 comments

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