Not content to have enabled the devastation of the American economy, Alan Greenspan takes to the WSJ to caution us all about excessive regulations on the financial sector:
However, the appropriate policy response is not to bridle financial intermediation with heavy regulation. That would stifle important advances in finance that enhance standards of living. Remember, prior to the crisis, the U.S. economy exhibited an impressive degree of productivity advance. To achieve that with a modest level of combined domestic and borrowed foreign savings (our current account deficit) was a measure of our financial system’s precrisis success. The solutions for the financial-market failures revealed by the crisis are higher capital requirements and a wider prosecution of fraud — not increased micromanagement by government entities.
Why is this man not in hiding in Argentina or Uraguay? Why is he allowed to speak in public?
And for the record- I want so much regulation of the financial sector that if someone at Goldman Sachs wants to take a piss, he has to get a hall pass from Dennis Kucinich. They don’t like it, they can move to Iceland and see how they feel about bankers.