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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Maurice Winn who wrote (70412)9/16/2008 4:15:54 PM
From: Elroy Jetson7 Recommendations  Read Replies (1) of 74559
 
One of the Fed's responsibilities is to regulate lending to assure the soundness of the banking system. Alan Greenspan refused to do this, but said he was doing so.

If he disagreed with this obligation he was charged with carrying out, he should have either resigned because his job was not to his taste, or at least publicly stated that he refuse to do his job.

Let's say you had hired an electrician who unbeknown to you refuses to use copper wire because he thinks it's not necessary so uses aluminum instead - so later your home burns down. Are you really off your rocker to blame the electrician?

After all it isn't his fault that he was able to purchase aluminum wire. And after all, if you really cared about your home, you should have been there to follow his every move. But you trusted him, so you're a nutter.
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