Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (52586)	7/21/2009 3:27:44 PM
From: philv	4 Recommendations Read Replies (1) \| Respond to of 217944

"<Sir Alan has at least mumbled some remorse and admitted his errors, for which I give him credit. > It was a singular so-called error, being the idea that people would want to not go broke. That management and shareholders of companies would try to protect their investments and livelihoods by making reasonable investment decisions. He didn't imagine so many suicidal managements all doing the same." You just don't get it, do you? His actions gave people and institutions the comfort that the inevitable would never happen. Actions such as unreasonably low interest rates, and constant denial that there were any problems, combined with his insistence that regulations would be unwelcome. This is from the guy who heads an institution which prides itself to this day and insists on its independence. Btw, his replacement, Bernanke, today reiterated the need for FED monetary policy independence. But I digress. Sir Al's myopic view, dismissing all criticism, while bursting with pride and glory to what he had accomplished, which as it turned out, was an explosion of debt of all kinds, and an enormous bubble in real estate. Its not like he didn't have access to economic indicators, or was unable to read reports of what was going on in Main St. He had it all, and then some, but did nothing at all until it was far too late. He, who was charged with managing exactly those events. Your buddy Bush said of the excess "some people got drunk". I think Sir Al was tipping it back right along with the rest of the drunken crowd which accounts for his tunnel vision. You sure you weren't part of it as well?