Greenspan.jpgLast week, the blog didn’t know whether to laugh or cry when Alan Greenspan told Congress that he was “in a state of shocked disbelief” to find that that his self-regulation policy for banks had failed. Gretchen Morgenson of the New York Times was similarly surprised to discover the former Chairman of the US Federal Reserve had really thought lenders “would rein themselves in, when there were billions to be made?”
Echoing the famous line from the ‘Casablanca’ movie, she adds ironically that, last week, “Mr Greenspan was shocked, shocked to find there was gambling going on in the casino”.