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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: KeepItSimple who wrote (39554)	11/21/2000 1:03:33 AM
From: Ken98	Read Replies (3) \| Respond to of 436258

ClownBoy speaks: <<Greenspan says no sign financial innovation slowing MONDAY, NOVEMBER 20, 2000 6:30:00 PM EST WASHINGTON, Nov 20 (Reuters) - Federal Reserve Chairman Alan Greenspan said on Monday there was no sign that the wave of innovation which had caused a fundamental overhaul of the nation's financial services industry was cresting. "Clearly, we have witnessed a rapid evolution of financial markets in recent years, and the likelihood of continuing fundamental change is high," he told a group of Washington-area businesswomen. "What is particularly impressive is that, fueled by both computing and telecommunications capabilities, the pace of financial innovation does not appear to be slowing," the powerful central banker said in his prepared remarks. Greenspan, who did not address the current economic or monetary outlook, said ongoing changes in financial services posed new challenges for policymakers, supervisors and regulators of the industry alike. He added the scope for government oversight had diminished with rapid changes in technology, which had put greater emphasis on private market discipline. "Private counterparty supervision remains the first line of regulatory defense," Greenspan said.>> I almost can't stop laughing (which is good after all of this election crap). Would that be the same "private counterparty supervision" that proactively dealt with the LTCM debacle? Would that be the "financial innovation" distortion in the credit market pricing mechanism caused by Clown and gov't activities in the long term treas and mortgage markets?