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Tag >> Alan Greenspan
Apr 08
2010

The partial re-education of Robert Rubin

Posted by Ron F in Volcker RuleTARPRegulationPaul VolckerGoldman SachsGlass Steagall Actfinancial crisisderivativesCongressCitigroupBanksbanking reformBankingbank failuresbailoutsAlan Greenspan

Ron F

Better late than never, I suppose. But Big Bob Rubin has apparently had a change of heart as to the virtues of financial deregulation.

Appearing before the Financial Crisis Inquiry Commission today with former Citigroup CEO Charles Prince in his capacity as former vice chairman of the bailed out bank, Rubin expressed much different sentiments about the need to prevent banks from becoming too big to fail and derivatives from adding untold amounts of undetectable leverage to the financial system than he did when he was President Clinton's deregulator in chief.

Mar 20
2010

Greenspan's own guru says he screwed up

Posted by Ron F in RiskRegulationmonetary policyFederal Reserveeconomycost of capitalcomplianceBenankeBanksAlan Greenspan

Ron F

Unlike much of the rest of the press, I tend to cover my ears whenever Alan Greenspan opens his mouth.

But I can't help but weigh in on his comments yesterday. In essence, he offered half of a mea culpa by saying regulation, but not monetary policy, was to blame for the financial crisis.

Mar 05
2010

Fannie, Freddie fight with banks demonstrates Fed's failure

Posted by Ron F in securitizationRiskRegulationmortgage backed securitiesfinancial crisisFederal ReservecomplianceBarney Frankbanking reformBankingbailoutsAlan Greenspan

Ron F

This fight between bailed-out banks and Fannie Mae and Freddie Mac about who has to take the hit for soured mortgage loans really demonstrates how screwed up the financial system is, and why the Federal Reserve failed in its role of regulating securitization.

Fannie and Freddie claim the deals were "improperly written," so the banks have to buy them back, but the banks say that will blow holes in the balance sheets that taxpayers just restored.

Mar 02
2010

Dodd waves white flag on financial consumer protection

Posted by Ron F in systemic riskRiskRegulationfinancial crisisFederal ReserveCongressChris DoddBernankebanking reformBankingAlan Greenspan

Ron F

Several bloggers have beaten me to this, but the latest proposal regarding the so-called consumer protection agency for financial products is just another example of Congress succumbing to the bank lobby.

Rather than set up an independent agency, or even put it under the auspices of the Treasury, as Senate Banking Committee Chairman Chris Dodd earlier proposed, he would now put it under the Federal Reserve because of opposition from Republicans and even some fellow Democrats.

Feb 18
2010

Why the Fed deserves more blame than other bank regulators

Posted by Ron F in Securities and Exchange CommissionRiskRegulationPhil GrammNew York Times Co.Glass-SteagallFederal ReserveFedderivativesCongressBernankeBanksbanking reformBankingbank failuresAlan Greenspan

Ron F

Whether a Treasury-led council of bank regulators would be more or less effective at heading off systemic financial risk than the current set-up remains to be seen.

But it couldn't be much worse. So the nonsense that St. Louis Fed President James Bullard told the Times today about the Fed's role in the financial crisis needs to be called just that.

Jan 26
2010

Term limits for Fed chair?

Posted by annearf in RegulationFederal ReserveCongressionalCongressBernankeAlan Greenspan

annearf

There's more momentum now in favor of confirming Ben Bernanke to a second term as Fed chairman, according to the New York Times.  A vote may come soon.  At the same time, there are all sorts of proposals floating around aimed at curbing the power of the Fed or making it more accountable to someone.

One idea out there--albeit, not the most ambitious one around--relates to term limits. (I encountered this proposal  in a Wall Street Journal blog on the subject). That probably would mean keeping tenure to two four- year terms--and that's it.You'd then be able to assume a governor's job, if that's appealing. Otherwise, you'd leave the institution for some other pastures.

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